Toyota Caetano Portugal SA said its second-quarter normalized net income was €302,330, a decrease of 12.7% from €346,410 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 0.3% from 0.5% in the year-earlier period.

Total revenue increased 19.1% on an annual basis to €89.4 million from €75.1 million, and total operating expenses increased 19.2% on an annual basis to €88.3 million from €74.1 million.

Reported net income grew from the prior-year period to €988,660, or 3 cents per share, from €109,910, or 0 cents per share.