Badel 1862 d.d. said its normalized net income for the first quarter amounted to 4.0 million kuna, a gain of 21.5% from 3.3 million kuna in the year-earlier period.

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

The normalized profit margin rose to 6.8% from 4.4% in the year-earlier period.

Total revenue decreased 22.2% on an annual basis to 58.9 million kuna from 75.7 million kuna, and total operating expenses decreased 17.5% year over year to 59.5 million kuna from 72.1 million kuna.

Reported net income came to 6.6 million kuna, compared with 5.5 million kuna in the prior-year period.

As of April 29, US$1 was equivalent to 6.55 kuna.