Flour Mills Kepenos SA said its normalized net income for the first half came to 12 euro cents per share, a gain of 48.2% from 8 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 €827,450, an increase of 48.2% from €558,480 in the year-earlier period.

Total revenue declined 5.4% on an annual basis to €16.8 million from €17.8 million, and total operating expenses decreased 8.1% from the prior-year period to €15.2 million from €16.6 million.

Reported net income rose from the prior-year period to €947,580, or 14 cents per share, from €441,040, or 7 cents per share.