AS Siguldas Ciltslietu Un Maksligas Apseklosanas Stacija said its first-quarter normalized net income came to 2 euro cents per share, a decline of 69.2% from 5 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 €6,420, a decrease of 69.2% from €20,820 in the prior-year period.

The normalized profit margin declined to 2.4% from 8.0% in the year-earlier period.

Total revenue declined on an annual basis to €252,540 from €260,060, and total operating expenses grew 7.2% from the prior-year period to €244,560 from €228,040.

Reported net income fell 77.9% year over year to €6,460, or 2 cents per share, from €29,250, or 7 cents per share.