HB Grandi hf. said its third-quarter normalized net income came to €9.7 million, a gain of 35.8% from €7.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 16.9% from 12.7% in the year-earlier period.

Total revenue increased on an annual basis to €57.2 million from €56.2 million, and total operating expenses fell on an annual basis to €41.7 million from €43.8 million.

Reported net income increased 38.6% on an annual basis to €12.7 million, or 1 cents per share, from €9.1 million, or 1 cents per share.