Stelios Kanakis Industrial & Commercial SA said its normalized net income for the first quarter came to 4 euro cents per share, an increase of 18.5% from 3 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 €287,680, a gain of 16.2% from €247,560 in the prior-year period.

The normalized profit margin climbed to 7.2% from 6.5% in the year-earlier period.

Total revenue grew 5.1% year over year to €4.0 million from €3.8 million, and total operating expenses increased on an annual basis to €3.6 million from €3.4 million.

Reported net income rose 22.5% from the prior-year period to €334,400, or 5 cents per share, from €272,890, or 4 cents per share.