Sonae SGPS SA said its normalized net income for the first quarter amounted to €13.6 million, a rise from €2.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 1.0% from 0.2% in the year-earlier period.

Total revenue grew 8.1% on an annual basis to €1.32 billion from €1.22 billion, and total operating expenses grew 5.8% on an annual basis to €1.28 billion from €1.21 billion.

Reported net income grew on an annual basis to €21.7 million, or 1 cents per share, from €10.1 million, or 1 cents per share.