Raval ACS Ltd. said its normalized net income for the first quarter amounted to 2 euro cents per share, a decline of 27.3% from 3 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 €1.9 million, a decline of 27.1% from €2.6 million in the prior-year period.

The normalized profit margin fell to 4.0% from 6.3% in the year-earlier period.

Total revenue climbed 14.8% on an annual basis to €46.9 million from €40.9 million, and total operating expenses rose 16.0% on an annual basis to €43.1 million from €37.2 million.

Reported net income declined 38.6% on an annual basis to €2.3 million, or 3 cents per share, from €3.8 million, or 5 cents per share.