Bodegas Riojanas SA said its normalized net income for the first quarter was €137,500, a rise of 24.3% from €110,630 in the year-earlier period.

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

The normalized profit margin climbed to 5.2% from 4.8% in the year-earlier period.

Total revenue grew 15.1% year over year to €2.7 million from €2.3 million, and total operating expenses grew 17.1% on an annual basis to €2.3 million from €1.9 million.

Reported net income came to €176,000, compared with €139,000 in the year-earlier period.