HB Grandi hf. said its normalized net income for the first quarter was €10.9 million, a gain from €4.5 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 rose to 20.5% from 10.8% in the year-earlier period.

Total revenue rose 27.1% year over year to €53.3 million from €41.9 million, and total operating expenses totaled €35.2 million, compared with €35.6 million in the prior-year period.

Reported net income rose year over year to €13.8 million, or 1 cents per share, from €5.9 million, or 0 cents per share.