AB Vilkyskiu pienine said its normalized net income for the first quarter came to a loss of €517,500, compared with a loss of €39,000 in the year-earlier period.

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

The normalized profit margin dropped to negative 3.1% from negative 0.2% in the year-earlier period.

Total revenue decreased 14.9% on an annual basis to €16.7 million from €19.6 million, and total operating expenses decreased 11.3% on an annual basis to €17.4 million from €19.6 million.

Reported net income totaled a loss of €565,000, or a loss of 5 cents per share, compared to income of €109,000, or 1 cents per share, in the year-earlier period.