AS Latvijas balzams said its normalized net income for the second quarter amounted to €1.3 million, a decrease of 17.7% from €1.6 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 declined to 7.2% from 8.2% in the year-earlier period.

Total revenue fell 7.2% year over year to €18.1 million from €19.5 million, and total operating expenses decreased 5.9% from the prior-year period to €16.2 million from €17.2 million.

Reported net income totaled €1.7 million, compared with €2.0 million, or 27 cents per share, in the year-earlier period.