Empresa Pesquera Eperva SA said its normalized net income for the first quarter amounted to $2.2 million, an increase of 25.8% from $1.7 million in the year-earlier period.

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

The normalized profit margin increased to 1.2% from 0.9% in the year-earlier period.

Total revenue declined 5.4% on an annual basis to $177.8 million from $188.0 million, and total operating expenses declined 11.8% on an annual basis to $159.9 million from $181.3 million.

Reported net income totaled a loss of $4.2 million, or a loss of 1 cents per share, compared to income of $1.5 million, or 1 cents per share, in the prior-year period.