AB Zemaitijos pienas said its first-quarter normalized net income was €962,500, a rise of 83.6% from €524,250 in the year-earlier period.

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

The normalized profit margin rose to 2.9% from 1.2% in the year-earlier period.

Total revenue fell 22.2% on an annual basis to €33.6 million from €43.2 million, and total operating expenses decreased 24.5% on an annual basis to €32.0 million from €42.4 million.

Reported net income came to €1.2 million, compared with €635,000, or 1 cents per share, in the prior-year period.