Gas Natural SDG SA said its first-quarter normalized net income came to 23 euro cents per share, a decline of 8.3% from 25 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 €230.8 million, a decrease of 8.3% from €251.5 million in the prior-year period.

The normalized profit margin dropped to 3.6% from 4.2% in the year-earlier period.

Total revenue rose 8.3% year over year to €6.45 billion from €5.95 billion, and total operating expenses grew 10.9% on an annual basis to €5.80 billion from €5.23 billion.

Reported net income declined 8.0% from the prior-year period to €298.0 million, or 30 cents per share, from €324.0 million, or 32 cents per share.