Adriatic Croatia International Club d.d. said its first-quarter normalized net income was a loss of 20.74 kuna per share, compared with a loss of 14.84 kuna 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 2.3 million kuna, compared with a loss of 1.6 million kuna in the prior-year period.

The normalized profit margin dropped to negative 8.5% from negative 6.1% in the year-earlier period.

Total revenue totaled 27.2 million kuna, compared with 27.2 million kuna in the prior-year period, and total operating expenses decreased year over year to 30.0 million kuna from 30.3 million kuna.

Reported net income came to a loss of 3.7 million kuna, or a loss of 33.19 kuna per share, compared to a loss of 2.6 million kuna, or a loss of 23.74 kuna per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.55 kuna.