Sabaf SpA said its normalized net income for the first quarter was €2.9 million, an increase of 77.3% from €1.6 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin rose to 7.8% from 5.0% in the year-earlier period.
Total revenue grew 13.2% year over year to €37.5 million from €33.1 million, and total operating expenses climbed 8.5% from the prior-year period to €32.8 million from €30.2 million.
Reported net income came to €3.1 million, compared with €1.5 million in the year-earlier period.
