Pieno Zvaigzdes AB said its first-quarter normalized net income was a loss of €831,880, compared with a loss of €241,880 in the prior-year period.

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

The normalized profit margin fell to negative 2.4% from negative 0.6% in the year-earlier period.

Total revenue declined 12.7% year over year to €34.8 million from €39.8 million, and total operating expenses decreased 10.9% year over year to €35.7 million from €40.0 million.

Reported net income totaled a loss of €1.3 million, or a loss of 3 cents per share, compared to a loss of €387,000, or a loss of 1 cents per share, in the year-earlier period.