Flour Mills Kepenos SA said its normalized net income for the first quarter was 5 euro cents per share, an increase of 11.6% from 5 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 €365,140, an increase of 11.6% from €327,230 in the prior-year period.

The normalized profit margin climbed to 3.8% from 3.7% in the year-earlier period.

Total revenue increased 8.5% on an annual basis to €9.5 million from €8.7 million, and total operating expenses increased 7.6% on an annual basis to €8.7 million from €8.1 million.

Reported net income grew year over year to €433,180, or 6 cents per share, from €199,510, or 3 cents per share.