AS Rigas Autoelektroaparatu Rupnica said its normalized net income for the first quarter was a loss of 1 euro cents per share, compared with a loss of 2 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 €52,670, compared with a loss of €56,900 in the prior-year period.

The normalized profit margin increased to 110.7% from negative 30.6% in the year-earlier period.

Total revenue decreased 79.3% on an annual basis to €38,420 from €186,040, and total operating expenses fell 64.7% on an annual basis to €96,120 from €271,940.

Reported net income totaled €68,070, or 2 cents per share, compared to a loss of €88,840, or a loss of 3 cents per share, in the year-earlier period.