Barón de Ley SA said its normalized net income for the first quarter was €5.3 million, a rise of 32.1% from €4.0 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 rose to 27.0% from 21.0% in the year-earlier period.
Total revenue increased year over year to €19.8 million from €19.2 million, and total operating expenses decreased 12.1% year over year to €11.2 million from €12.8 million.
Reported net income came to €6.4 million, compared with €4.9 million in the prior-year period.
