Pieno Zvaigzdes AB said its third-quarter normalized net income came to 3 euro cents per share, an increase of 24.9% from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.2 million, a gain of 29.3% from €958,130 in the prior-year period.

The normalized profit margin increased to 3.1% from 2.2% in the year-earlier period.

Total revenue decreased 7.1% year over year to €39.6 million from €42.6 million, and total operating expenses fell 8.5% from the prior-year period to €37.4 million from €40.9 million.

Reported net income rose 38.1% year over year to €1.9 million, or 4 cents per share, from €1.4 million, or 3 cents per share.