AB Zemaitijos pienas said its normalized net income for the first half amounted to 5 euro cents per share, a gain of 64.8% from 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €2.7 million, an increase from €1.3 million in the year-earlier period.

Total revenue fell 7.5% year over year to €67.1 million from €72.5 million, and total operating expenses fell 10.4% from the prior-year period to €62.8 million from €70.2 million.

Reported net income rose year over year to €3.6 million, or 7 cents per share, from €1.2 million, or 3 cents per share.