Kri Kri SA said its first-quarter normalized net income was €351,710, an increase of 67.6% from €209,810 in the prior-year period.

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

The normalized profit margin increased to 2.9% from 1.2% in the year-earlier period.

Total revenue declined 29.2% year over year to €12.1 million from €17.1 million, and total operating expenses fell 31.8% year over year to €11.4 million from €16.7 million.

Reported net income grew 30.7% on an annual basis to €512,630, or 2 cents per share, from €392,130, or 1 cents per share.