HB Grandi hf. said its third-quarter normalized net income came to €7.1 million, a fall of 53.9% from €15.5 million in the prior-year period.

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

The normalized profit margin fell to 12.7% from 22.7% in the year-earlier period.

Total revenue fell 17.7% year over year to €56.2 million from €68.3 million, and total operating expenses fell from the prior-year period to €43.8 million from €45.2 million.

Reported net income fell 53.4% on an annual basis to €9.1 million, or 1 cents per share, from €19.6 million, or 1 cents per share.