Dukat mlijecna industrija d.d. said its first-quarter normalized net income came to 3.60 kuna per share, a decrease from 3.66 kuna per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.8 million kuna, a decline from 11.0 million kuna in the year-earlier period.

The normalized profit margin increased to 1.4% from 1.4% in the year-earlier period.

Total revenue fell year over year to 757.5 million kuna from 791.6 million kuna, and total operating expenses decreased from the prior-year period to 738.8 million kuna from 770.2 million kuna.

Reported net income fell 10.6% year over year to 13.5 million kuna, or 4.49 kuna per share, from 15.1 million kuna, or 5.03 kuna per share.

As of April 26, US$1 was equivalent to 6.61 kuna.