Nireus Aquaculture SA said its normalized net income for the first quarter was a loss of 12 euro cents per share, compared with a loss of 16 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 €7.8 million, compared with a loss of €9.9 million in the year-earlier period.

The normalized profit margin climbed to negative 18.8% from negative 22.7% in the year-earlier period.

Total revenue decreased year over year to €41.4 million from €43.5 million, and total operating expenses fell 8.5% year over year to €51.4 million from €56.2 million.

Reported net income came to a loss of €14.1 million, or a loss of 22 cents per share, compared to a loss of €12.6 million, or a loss of 20 cents per share, in the prior-year period.