AB Gubernija said its second-quarter normalized net income was €49,380, a decline of 20.2% from €61,880 in the year-earlier period.

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

The normalized profit margin declined to 1.9% from 2.9% in the year-earlier period.

Total revenue decreased on an annual basis to €2.1 million from €2.1 million, and total operating expenses decreased from the prior-year period to €1.9 million from €2.0 million.

Reported net income declined 19.4% from the prior-year period to €83,000, or 1 cents per share, from €103,000, or 1 cents per share.