Vilniaus Baldai AB said its normalized net income for the first quarter was 15 euro cents per share, a decline of 44.0% from 28 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 €599,380, a decrease of 44.0% from €1.1 million in the prior-year period.
The normalized profit margin dropped to 3.6% from 7.0% in the year-earlier period.
Total revenue climbed 7.7% year over year to €16.5 million from €15.3 million, and total operating expenses rose 14.1% year over year to €15.5 million from €13.6 million.
Reported net income decreased 48.5% on an annual basis to €818,000, or 21 cents per share, from €1.6 million, or 41 cents per share.
