B&C Speakers SpA said its first-quarter normalized net income amounted to €1.1 million, a fall from €1.1 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 declined to 12.5% from 14.1% in the year-earlier period.
Total revenue increased 9.4% on an annual basis to €8.6 million from €7.9 million, and total operating expenses grew 13.4% year over year to €6.9 million from €6.1 million.
Reported net income totaled €1.1 million, compared with €1.2 million in the prior-year period.