Massimo Zanetti Beverage Group SpA said its first-quarter normalized net income was 5 euro cents per share, a gain from 1 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 €1.4 million, a gain from €367,750 in the prior-year period.

The normalized profit margin increased to 0.6% from 0.2% in the year-earlier period.

Total revenue increased 26.8% on an annual basis to €217.3 million from €171.3 million, and total operating expenses grew 26.1% from the prior-year period to €212.3 million from €168.4 million.

Reported net income rose from the prior-year period to €1.2 million, or 4 cents per share, from €350,000, or 1 cents per share.