Papoutsanis SA said its second-quarter normalized net income came to €203,360, a gain of 41.4% from €143,800 in the prior-year period.

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

The normalized profit margin climbed to 4.4% from 2.7% in the year-earlier period.

Total revenue declined 13.4% year over year to €4.6 million from €5.3 million, and total operating expenses decreased 14.5% year over year to €4.2 million from €5.0 million.

Reported net income rose 69.7% from the prior-year period to €285,150, or 1 cents per share, from €168,030, or 0 cents per share.