AGRANA Beteiligungs-Aktiengesellschaft said its normalized net income for the fiscal first quarter ended May 31 was €2.11 per share, compared with €2.13 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €29.9 million, compared with €30.2 million in the year-earlier period.

The normalized profit margin climbed to 4.6% from 3.7% in the year-earlier period.

Total revenue decreased 18.5% year over year to €655.9 million from €805.2 million, and total operating expenses declined 19.1% on an annual basis to €609.4 million from €753.5 million.

Reported net income came to €37.7 million, or €2.66 per share, compared to €37.6 million, or €2.65 per share, in the prior-year period.