Devernois said its first-quarter normalized net income was €371,880, a decline of 46.3% from €692,500 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 3.4% from 5.9% in the year-earlier period.

Total revenue fell 5.3% year over year to €11.1 million from €11.7 million, and total operating expenses declined on an annual basis to €10.4 million from €10.6 million.

Reported net income totaled €616,000, compared with €1.2 million in the prior-year period.