HB Grandi hf. said its normalized net income for the first quarter was €4.3 million, a fall of 60.9% from €10.9 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 dropped to 9.7% from 20.5% in the year-earlier period.

Total revenue decreased 17.5% year over year to €44.0 million from €53.3 million, and total operating expenses totaled €35.2 million, compared with €35.2 million in the year-earlier period.

Reported net income declined 59.3% on an annual basis to €5.6 million, or 0 cents per share, from €13.8 million, or 1 cents per share.