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IMC SA Q1 loss narrows YOY

IMC SA said its first-quarter normalized net income came to a loss of 45 cents per share, compared with a loss of 64 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $14.0 million, compared with a loss of $20.1 million in the year-earlier period.

The normalized profit margin increased to negative 43.3% from negative 50.4% in the year-earlier period.

Total revenue decreased 19.2% year over year to $32.2 million from $39.9 million, and total operating expenses fell 33.8% year over year to $23.4 million from $35.4 million.

Reported net income totaled a loss of $23.9 million, or a loss of 76 cents per share, compared to a loss of $31.6 million, or a loss of $1.01 per share, in the year-earlier period.