Karelia Tobacco Co. Inc. said its first-quarter normalized net income was €4.88 per share, an increase of 39.9% from €3.49 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €13.5 million, an increase of 39.9% from €9.6 million in the prior-year period.

Total revenue totaled €52.7 million, and total operating expenses came to €31.0 million.

Reported net income increased 38.6% on an annual basis to €15.9 million, or €5.77 per share, from €11.5 million, or €4.16 per share.