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RIWI Corp. Q1 loss widens YOY

RIWI Corp. said its normalized net income for the first quarter was a loss of C$214,150, compared with a loss of C$97,920 in the prior-year period.

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

The normalized profit margin declined to negative 183.3% from negative 44.3% in the year-earlier period.

Total revenue decreased 47.1% on an annual basis to C$116,850 from C$221,030, and total operating expenses increased 21.4% from the prior-year period to C$459,490 from C$378,350.

Reported net income totaled a loss of C$342,640, or a loss of 2 cents per share, compared to a loss of C$156,680, or a loss of 1 cents per share, in the year-earlier period.