IFA Hotel & Touristik AG said its normalized net income for the first quarter amounted to 17 euro cents per share, a decline of 60.1% from 41 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 €3.2 million, a gain of 18.9% from €2.7 million in the year-earlier period.

The normalized profit margin increased to 10.6% from 9.4% in the year-earlier period.

Total revenue increased 5.5% on an annual basis to €30.5 million from €28.9 million, and total operating expenses grew on an annual basis to €23.7 million from €23.0 million.

Reported net income rose 22.2% year over year to €4.9 million, or 25 cents per share, from €4.0 million, or 61 cents per share.