Lavena AD said its normalized net income for the first quarter was 42 stotinki per share, a decline of 42.3% from 73 stotinki per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 111,880 leva, a decrease of 42.3% from 193,750 leva in the year-earlier period.

The normalized profit margin fell to 4.2% from 7.9% in the year-earlier period.

Total revenue increased 8.1% on an annual basis to 2.6 million leva from 2.4 million leva, and total operating expenses grew 14.7% year over year to 2.4 million leva from 2.1 million leva.

Reported net income decreased 47.7% on an annual basis to 162,000 leva, or 61 stotinki per share, from 310,000 leva, or 1.16 leva per share.

As of May 21, US$1 was equivalent to 1.76 leva.