TERNA - Rete Elettrica Nazionale SpA said its normalized net income for the first quarter was €158.4 million, a gain from €153.7 million in the prior-year period.

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

The normalized profit margin dropped to 32.9% from 33.3% in the year-earlier period.

Total revenue climbed on an annual basis to €482.0 million from €461.9 million, and total operating expenses rose 5.7% on an annual basis to €209.2 million from €198.0 million.

Reported net income totaled €179.3 million, compared with €162.2 million in the prior-year period.