Mlinotest Zivilska Industrija d.d. said its first-quarter normalized net income amounted to €144,370, a rise of 91.3% from €75,480 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 1.0% from 0.6% in the year-earlier period.

Total revenue increased on an annual basis to €14.0 million from €13.6 million, and total operating expenses increased year over year to €13.7 million from €13.4 million.

Reported net income came to €177,290, compared with €106,320 in the year-earlier period.