AS Latvijas balzams said its third-quarter normalized net income was €1.6 million, a gain of 41.0% from €1.1 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 8.2% from 5.6% in the year-earlier period.

Total revenue decreased year over year to €19.7 million from €20.3 million, and total operating expenses fell 7.5% from the prior-year period to €17.3 million from €18.7 million.

Reported net income totaled €2.1 million, compared with €1.5 million, or 20 cents per share, in the year-earlier period.