Blumar SA said its normalized net income for the first quarter amounted to $3.1 million, a fall of 7.3% from $3.3 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 fell to 3.5% from 4.0% in the year-earlier period.
Total revenue grew year over year to $88.4 million from $84.3 million, and total operating expenses grew 9.1% on an annual basis to $83.5 million from $76.5 million.
Reported net income increased from the prior-year period to $8.8 million, or 1 cents per share, from $1.7 million, or 0 cents per share.