Barón de Ley SA said its second-quarter normalized net income came to €1.40 per share, a decline of 11.2% from €1.58 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €6.0 million, a decline of 16.0% from €7.2 million in the prior-year period.

The normalized profit margin fell to 27.9% from 33.9% in the year-earlier period.

Total revenue rose on an annual basis to €21.6 million from €21.1 million, and total operating expenses climbed 27.4% from the prior-year period to €20.2 million from €15.8 million.

Reported net income grew 5.0% year over year to €6.7 million, or €1.55 per share, from €6.4 million, or €1.40 per share.