APB Apranga said its first-quarter normalized net income was 2 euro cents per share, a gain of 57.7% from 1 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 €721,250, an increase of 46.4% from €492,500 in the prior-year period.

The normalized profit margin rose to 2.0% from 1.5% in the year-earlier period.

Total revenue increased on an annual basis to €35.2 million from €33.6 million, and total operating expenses grew on an annual basis to €34.0 million from €32.8 million.

Reported net income rose 85.8% on an annual basis to €864,000, or 2 cents per share, from €465,000, or 1 cents per share.