AS Silvano Fashion Group said its first-quarter normalized net income amounted to 5 euro cents per share, an increase from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.9 million, a gain of 99.4% from €938,630 in the year-earlier period.

The normalized profit margin rose to 14.0% from 7.2% in the year-earlier period.

Total revenue increased on an annual basis to €13.4 million from €13.1 million, and total operating expenses decreased 21.1% from the prior-year period to €9.0 million from €11.4 million.

Reported net income totaled €2.2 million, or 6 cents per share, compared to a loss of €521,000, or a loss of 1 cents per share, in the year-earlier period.