AS Latvijas balzams said its first-quarter normalized net income was 14 euro cents per share, a decline of 12.7% from 16 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.0 million, a decline of 12.7% from €1.2 million in the year-earlier period.

The normalized profit margin dropped to 6.6% from 7.7% in the year-earlier period.

Total revenue climbed on an annual basis to €15.5 million from €15.2 million, and total operating expenses grew from the prior-year period to €14.2 million from €13.7 million.

Reported net income fell 11.2% from the prior-year period to €1.4 million, or 18 cents per share, from €1.5 million, or 21 cents per share.