AS Baltika said its first-quarter normalized net income came to a loss of €303,750, compared with a loss of €493,750 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to negative 2.9% from negative 4.4% in the year-earlier period.
Total revenue declined 6.4% year over year to €10.5 million from €11.2 million, and total operating expenses declined 8.6% from the prior-year period to €10.9 million from €11.9 million.
Reported net income came to a loss of €493,000, or a loss of 1 cents per share, compared to a loss of €783,000, or a loss of 2 cents per share, in the year-earlier period.