AS Brivais vilnis said its normalized net income for the first quarter amounted to €29,700, a fall of 50.1% from €59,470 in the year-earlier period.

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

The normalized profit margin fell to 1.4% from 2.6% in the year-earlier period.

Total revenue decreased 6.0% on an annual basis to €2.1 million from €2.3 million, and total operating expenses fell year over year to €2.1 million from €2.2 million.

Reported net income declined 50.1% from the prior-year period to €47,520, or 2 cents per share, from €95,160, or 3 cents per share.