Adecoagro SA said its normalized net income for the first quarter was a loss of 3 cents per share, compared with a loss of 15 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 $4.3 million, compared with a loss of $18.4 million in the year-earlier period.
The normalized profit margin rose to negative 8.4% from negative 18.5% in the year-earlier period.
Total revenue climbed 15.2% on an annual basis to $114.2 million from $99.1 million, and total operating expenses decreased 16.0% year over year to $94.2 million from $112.1 million.
Reported net income rose from the prior-year period to $12.8 million, or 11 cents per share, from $2.6 million, or 2 cents per share.
