Elve SA said its normalized net income for the first quarter came to 4 euro cents per share, compared with a loss of 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €146,590, compared with a loss of €237,430 in the prior-year period.

The normalized profit margin increased to 3.4% from negative 5.8% in the year-earlier period.

Total revenue increased 5.4% on an annual basis to €4.4 million from €4.1 million, and total operating expenses fell 8.3% year over year to €4.3 million from €4.6 million.

Reported net income totaled €257,650, or 8 cents per share, compared to a loss of €337,510, or a loss of 10 cents per share, in the prior-year period.