Verimark Holdings Ltd. said its normalized net income for the fiscal full year ended Feb. 28 was 10 South African cents per share, a decline of 32.9% from 15 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.6 million rand, a decrease of 30.4% from 15.3 million rand in the prior-year period.

The normalized profit margin dropped to 2.6% from 3.6% in the year-earlier period.

Total revenue decreased year over year to 415.4 million rand from 427.0 million rand, and total operating expenses came to 397.3 million rand, compared with 396.4 million rand in the year-earlier period.

Reported net income decreased 35.6% on an annual basis to 12.0 million rand, or 11 cents per share, from 18.6 million rand, or 18 cents per share.

As of May 28, US$1 was equivalent to 12.18 rand.