Karamolengos Bakery Industry SA said its first-quarter normalized net income came to 4 euro cents per share, a decrease of 24.1% from 6 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 €433,520, a decline of 24.2% from €571,550 in the year-earlier period.

The normalized profit margin fell to 2.3% from 3.0% in the year-earlier period.

Total revenue came to €19.0 million, compared with €18.8 million in the prior-year period, and total operating expenses climbed from the prior-year period to €17.2 million from €16.8 million.

Reported net income decreased 27.2% from the prior-year period to €472,170, or 5 cents per share, from €648,660, or 7 cents per share.