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Grobina Q1 profit climbs YOY

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.