Home Meal Replacement SA said its third-quarter normalized net income was €525,940, compared with income of €22,010 in the year-earlier period.

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

The normalized profit margin declined to negative 14.8% from 0.7% in the year-earlier period.

Total revenue climbed 9.0% year over year to €3.5 million from €3.3 million, and total operating expenses rose 37.8% year over year to €4.3 million from €3.1 million.

Reported net income totaled a loss of €1.2 million, compared with a loss of €185,330 in the year-earlier period.