Poslovni sistem Mercator d.d. said its first-quarter normalized net income was 26 euro cents per share, a decline of 53.0% from 56 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 €1.6 million, a decline of 53.0% from €3.4 million in the prior-year period.

The normalized profit margin dropped to 0.1% from 0.5% in the year-earlier period.

Total revenue decreased on an annual basis to €604.9 million from €628.7 million, and total operating expenses declined on an annual basis to €597.9 million from €616.5 million.

Reported net income fell 44.6% from the prior-year period to €2.3 million, or 37 cents per share, from €4.1 million, or 67 cents per share.