Red Eléctrica Corporación SA said its first-quarter normalized net income amounted to €150.3 million, a gain from €145.5 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 rose to 29.5% from 29.5% in the year-earlier period.

Total revenue grew year over year to €509.1 million from €494.0 million, and total operating expenses increased on an annual basis to €237.2 million from €226.2 million.

Reported net income totaled €181.8 million, compared with €173.6 million in the year-earlier period.