Barón de Ley SA said its third-quarter normalized net income amounted to €5.5 million, a gain of 14.4% from €4.8 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 26.3% from 22.3% in the year-earlier period.

Total revenue decreased year over year to €21.1 million from €21.7 million, and total operating expenses fell 13.1% on an annual basis to €13.3 million from €15.3 million.

Reported net income totaled €6.6 million, compared with €6.4 million, or €1.48 per share, in the prior-year period.