La Doria SpA said its normalized net income for the first quarter was €6.7 million, a gain of 90.3% from €3.5 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 climbed to 3.5% from 2.2% in the year-earlier period.

Total revenue increased 20.0% on an annual basis to €188.7 million from €157.3 million, and total operating expenses rose 18.5% on an annual basis to €175.4 million from €148.0 million.

Reported net income totaled €7.3 million, compared with €3.8 million in the year-earlier period.