Ovostar Union NV said its normalized net income for the first quarter amounted to 51 cents per share, a decline of 38.9% from 84 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 $3.1 million, a decline of 38.9% from $5.0 million in the year-earlier period.

The normalized profit margin fell to 17.3% from 29.4% in the year-earlier period.

Total revenue rose on an annual basis to $17.8 million from $17.1 million, and total operating expenses increased 30.9% from the prior-year period to $12.5 million from $9.5 million.

Reported net income decreased 32.9% on an annual basis to $6.0 million, or 99 cents per share, from $8.9 million, or $1.48 per share.