IVS Group SA said its normalized net income for the first quarter amounted to 9 euro cents per share, compared with a loss of 3 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 €3.5 million, compared with a loss of €1.1 million in the year-earlier period.

The normalized profit margin climbed to 4.1% from negative 1.5% in the year-earlier period.

Total revenue grew 8.8% on an annual basis to €84.2 million from €77.4 million, and total operating expenses climbed year over year to €74.4 million from €71.8 million.

Reported net income came to €3.4 million, or 9 cents per share, compared to a loss of €2.6 million, or a loss of 7 cents per share, in the prior-year period.