Barón de Ley SA said its third-quarter normalized net income came to €4.8 million, an increase of 82.7% from €2.7 million in the prior-year period.

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

The normalized profit margin increased to 22.3% from 13.0% in the year-earlier period.

Total revenue grew 6.3% year over year to €21.7 million from €20.4 million, and total operating expenses grew 52.8% from the prior-year period to €15.3 million from €10.0 million.

Reported net income increased 17.2% year over year to €6.4 million, or €1.48 per share, from €5.4 million.