Folli-Follie Commercial Manufacturing & Technical SA said its first-quarter normalized net income came to 43 euro cents per share, a decrease of 4.9% from 45 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 €28.7 million, a decline of 5.3% from €30.4 million in the prior-year period.

The normalized profit margin dropped to 10.7% from 13.3% in the year-earlier period.

Total revenue rose 17.8% year over year to €268.6 million from €228.0 million, and total operating expenses rose 18.5% from the prior-year period to €208.2 million from €175.7 million.

Reported net income fell 9.9% from the prior-year period to €34.5 million, or 52 cents per share, from €38.3 million, or 57 cents per share.