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Novra Technologies swings to loss in Q1

Novra Technologies Inc. said its first-quarter normalized net income amounted to a loss of C$149,710, compared with income of C$298,380 in the prior-year period.

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

The normalized profit margin fell to negative 47.4% from 26.8% in the year-earlier period.

Total revenue declined 71.6% on an annual basis to C$315,700 from C$1.1 million, and total operating expenses decreased 39.9% on an annual basis to C$483,430 from C$804,590.

Reported net income came to a loss of C$306,510, or a loss of 1 cents per share, compared to income of C$619,900, or 3 cents per share, in the year-earlier period.