Estoril Sol SGPS S.A. said its normalized net income for the first quarter was 9 euro cents per share, a gain from 4 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 €1.0 million, a gain from €420,750 in the year-earlier period.
The normalized profit margin increased to 2.2% from 0.9% in the year-earlier period.
Total revenue grew 5.5% year over year to €47.6 million from €45.2 million, and total operating expenses grew from the prior-year period to €45.0 million from €43.2 million.
Reported net income grew year over year to €1.6 million, or 14 cents per share, from €673,200, or 6 cents per share.