Agroliga Group PLC said its normalized net income for the first quarter amounted to €341,630, a decline of 47.5% from €650,750 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 9.5% from 14.3% in the year-earlier period.

Total revenue decreased 21.6% year over year to €3.6 million from €4.6 million, and total operating expenses declined 11.6% from the prior-year period to €2.9 million from €3.3 million.

Reported net income fell 47.2% year over year to €557,000, or 36 cents per share, from €1.1 million.