Joint stock Co. Grobina said its normalized net income for the first quarter was 62 euro cents per share, an increase from 22 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €311,230, a gain from €111,810 in the prior-year period.

The normalized profit margin increased to 15.0% from 7.4% in the year-earlier period.

Total revenue rose 36.3% on an annual basis to €2.1 million from €1.5 million, and total operating expenses increased 17.9% on an annual basis to €1.4 million from €1.2 million.

Reported net income increased from the prior-year period to €497,970, or 100 cents per share, from €178,900, or 36 cents per share.