Nigerian Breweries PLC said its normalized net income for the second quarter was 1.31 nairas per share, a decrease of 17.5% from 1.59 nairas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.34 billion nairas, a decline of 13.7% from 11.98 billion nairas in the year-earlier period.

The normalized profit margin dropped to 12.7% from 16.5% in the year-earlier period.

Total revenue increased 12.7% year over year to 81.75 billion nairas from 72.52 billion nairas, and total operating expenses rose 22.4% year over year to 64.21 billion nairas from 52.47 billion nairas.

Reported net income declined 17.6% from the prior-year period to 11.38 billion nairas, or 1.44 nairas per share, from 13.81 billion nairas, or 1.83 nairas per share.

As of July 17, US$1 was equivalent to 199 nairas.