Iceland Seafood International hf. said its first-quarter normalized net income was €625,000, compared with €625,000 in the year-earlier period.

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

The normalized profit margin rose to 1.0% from 1.0% in the year-earlier period.

Total revenue fell 6.9% on an annual basis to €61.1 million from €65.6 million, and total operating expenses fell 6.3% on an annual basis to €59.8 million from €63.8 million.

Reported net income totaled €700,000, compared with €900,000 in the prior-year period.