Raval ACS Ltd. said its first-quarter normalized net income amounted to 3 euro cents per share, an increase from 1 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €2.6 million, a gain from €831,880 in the prior-year period.

The normalized profit margin increased to 6.3% from 2.4% in the year-earlier period.

Total revenue grew 18.7% on an annual basis to €40.9 million from €34.4 million, and total operating expenses climbed 15.1% from the prior-year period to €37.2 million from €32.3 million.

Reported net income grew on an annual basis to €3.8 million, or 5 cents per share, from €926,920, or 1 cents per share.