Milkiland NV said its normalized net income for the first quarter was a loss of 71 euro cents per share, compared with a loss of 55 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 €22.3 million, compared with a loss of €17.3 million in the year-earlier period.

The normalized profit margin fell to negative 47.8% from negative 22.4% in the year-earlier period.

Total revenue decreased 39.6% on an annual basis to €46.7 million from €77.3 million, and total operating expenses decreased 37.4% year over year to €48.0 million from €76.6 million.

Reported net income totaled a loss of €34.9 million, or a loss of €1.12 per share, compared to a loss of €24.5 million, or a loss of 78 cents per share, in the prior-year period.