KSG Agro SA said its normalized net income for the first quarter came to a loss of 33 cents per share, compared with a loss of 30 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 $4.9 million, compared with a loss of $4.5 million in the year-earlier period.

The normalized profit margin dropped to negative 203.3% from negative 100.4% in the year-earlier period.

Total revenue decreased 45.9% year over year to $2.4 million from $4.5 million, and total operating expenses fell 27.3% year over year to $3.5 million from $4.7 million.

Reported net income totaled a loss of $8.3 million, or a loss of 56 cents per share, compared to a loss of $7.0 million, or a loss of 47 cents per share, in the prior-year period.