Naturex SA said its normalized net income for the first quarter amounted to €4.3 million, a decline of 9.2% from €4.8 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 dropped to 4.4% from 6.0% in the year-earlier period.

Total revenue grew 23.9% on an annual basis to €98.6 million from €79.6 million, and total operating expenses grew 26.7% on an annual basis to €90.6 million from €71.5 million.

Reported net income came to €5.2 million, compared with €5.1 million in the prior-year period.