Barón de Ley SA said its first-quarter normalized net income came to €8.6 million, a rise of 60.7% from €5.3 million in the year-earlier period.

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

The normalized profit margin increased to 41.0% from 27.0% in the year-earlier period.

Total revenue grew 5.9% on an annual basis to €20.9 million from €19.8 million, and total operating expenses fell 35.9% on an annual basis to €7.2 million from €11.2 million.

Reported net income came to €10.3 million, compared with €6.4 million in the year-earlier period.