Lotto24 AG said its normalized net income for the first quarter amounted to a loss of 6 euro cents per share, compared with a loss of 8 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 €1.3 million, compared with a loss of €1.8 million in the year-earlier period.

The normalized profit margin increased to negative 30.5% from negative 76.2% in the year-earlier period.

Total revenue rose 85.2% on an annual basis to €4.4 million from €2.4 million, and total operating expenses increased 22.1% year over year to €6.6 million from €5.4 million.

Reported net income totaled a loss of €798,000, or a loss of 3 cents per share, compared to a loss of €2.6 million, or a loss of 12 cents per share, in the prior-year period.