Loulis Mills SA said its first-quarter normalized net income came to 4 euro cents per share, an increase of 27.6% from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €697,650, an increase of 27.6% from €546,690 in the year-earlier period.

The normalized profit margin increased to 2.9% from 2.7% in the year-earlier period.

Total revenue grew 18.1% on an annual basis to €23.7 million from €20.1 million, and total operating expenses climbed 16.5% on an annual basis to €22.7 million from €19.5 million.

Reported net income declined year over year to €671,080, or 4 cents per share, from €693,920, or 4 cents per share.