Sonae SGPS S.A. said its normalized net income for the third quarter was 2 euro cents per share, a gain of 44.0% from 1 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 €35.7 million, a gain of 49.7% from €23.8 million in the prior-year period.

The normalized profit margin rose to 2.2% from 1.6% in the year-earlier period.

Total revenue increased 10.4% on an annual basis to €1.62 billion from €1.47 billion, and total operating expenses grew 10.1% on an annual basis to €1.57 billion from €1.43 billion.

Reported net income rose 34.5% year over year to €61.5 million, or 3 cents per share, from €45.7 million, or 2 cents per share.