Gamenet Group SpA said its first-quarter normalized net income came to €1.7 million, a fall of 37.3% from €2.8 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.4% from 2.0% in the year-earlier period.

Total revenue declined 10.8% on an annual basis to €122.1 million from €136.9 million, and total operating expenses fell 10.5% on an annual basis to €116.0 million from €129.6 million.

Reported net income totaled €1.3 million, compared with €1.1 million in the year-earlier period.