AS Latvijas balzams said its normalized net income for the first quarter amounted to €929,710, a decrease of 8.5% from €1.0 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 5.5% from 6.6% in the year-earlier period.

Total revenue climbed 8.5% year over year to €16.8 million from €15.5 million, and total operating expenses rose 10.8% year over year to €15.6 million from €14.1 million.

Reported net income came to €1.2 million, compared with €1.4 million, or 18 cents per share, in the year-earlier period.