Sonae SGPS SA said its second-quarter normalized net income amounted to €52.7 million, an increase of 94.3% from €27.1 million in the year-earlier period.

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

The normalized profit margin increased to 3.8% from 2.1% in the year-earlier period.

Total revenue grew 6.4% year over year to €1.39 billion from €1.31 billion, and total operating expenses increased from the prior-year period to €1.33 billion from €1.27 billion.

Reported net income rose 82.1% from the prior-year period to €76.9 million, or 4 cents per share, from €42.2 million, or 1 cents per share.