IVS Group SA said its normalized net income for the first quarter came to 5 euro cents per share, a decline of 41.0% from 9 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €2.2 million, a decline of 37.1% from €3.5 million in the year-earlier period.

The normalized profit margin fell to 2.5% from 4.1% in the year-earlier period.

Total revenue grew 4.9% year over year to €88.4 million from €84.2 million, and total operating expenses grew from the prior-year period to €77.1 million from €74.4 million.

Reported net income decreased from the prior-year period to €3.3 million, or 8 cents per share, from €3.4 million, or 9 cents per share.