KBS Fashion Group Ltd. said its first-quarter normalized net income amounted to 23 cents per share, a decline of 15.9% from 28 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 $412,350, a decrease of 12.3% from $469,920 in the year-earlier period.

The normalized profit margin fell to 4.6% from 5.3% in the year-earlier period.

Total revenue came to $9.0 million, compared with $8.9 million in the prior-year period, and total operating expenses rose on an annual basis to $8.3 million from $8.2 million.

Reported net income decreased 15.4% on an annual basis to $432,190, or 24 cents per share, from $511,070, or 30 cents per share.