AS Latvijas balzams said its normalized net income for the third quarter amounted to 15 euro cents per share, a decline of 23.9% from 20 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 €1.1 million, a decrease of 23.9% from €1.5 million in the year-earlier period.

The normalized profit margin dropped to 5.6% from 7.7% in the year-earlier period.

Total revenue grew year over year to €20.3 million from €19.5 million, and total operating expenses grew 7.8% on an annual basis to €18.7 million from €17.4 million.

Reported net income grew 27.6% on an annual basis to €2.6 million, or 35 cents per share, from €2.1 million, or 27 cents per share.