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Ovostar Union Q1 profit climbs 19.9% YOY

Ovostar Union NV said its first-quarter normalized net income amounted to 84 cents per share, a gain of 19.9% from 70 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 $5.0 million, a gain of 19.9% from $4.2 million in the prior-year period.

The normalized profit margin climbed to 29.4% from 21.9% in the year-earlier period.

Total revenue declined 10.6% year over year to $17.1 million from $19.1 million, and total operating expenses declined 20.3% year over year to $9.5 million from $11.9 million.

Reported net income rose 15.4% from the prior-year period to $8.9 million, or $1.48 per share, from $7.7 million, or $1.28 per share.