Wolford AG said its normalized net income for the fiscal third quarter ended Jan. 31 was 28 euro cents per share, a decline of 42.8% from 49 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.4 million, a decrease of 41.5% from €2.4 million in the year-earlier period.

The normalized profit margin dropped to 2.8% from 4.9% in the year-earlier period.

Total revenue increased on an annual basis to €49.5 million from €48.5 million, and total operating expenses grew on an annual basis to €47.4 million from €45.9 million.

Reported net income decreased 48.1% on an annual basis to €1.6 million, or 32 cents per share, from €3.1 million, or 63 cents per share.