Web Media Group AD said its first-quarter normalized net income was a loss of 2 stotinki per share, compared with a loss of 2 stotinki 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 60,630 leva, compared with a loss of 64,380 leva in the year-earlier period.

The normalized profit margin rose to negative 48.1% from negative 54.6% in the year-earlier period.

Total revenue grew 6.8% on an annual basis to 126,000 leva from 118,000 leva, and total operating expenses declined on an annual basis to 199,000 leva from 202,000 leva.

Reported net income came to a loss of 97,000 leva, or a loss of 3 stotinki per share, compared to a loss of 103,000 leva, or a loss of 4 stotinki per share, in the year-earlier period.

As of July 13, US$1 was equivalent to 1.77 leva.