Perseus SA said its first-quarter normalized net income amounted to a loss of 2 euro cents per share, compared with a loss of 4 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 a loss of €281,290, compared with a loss of €751,780 in the prior-year period.

The normalized profit margin climbed to negative 4.7% from negative 10.9% in the year-earlier period.

Total revenue decreased 13.7% year over year to €5.9 million from €6.9 million, and total operating expenses fell 23.3% on an annual basis to €5.8 million from €7.5 million.

Reported net income totaled a loss of €370,450, or a loss of 2 cents per share, compared to a loss of €1.2 million, or a loss of 7 cents per share, in the prior-year period.