Red Reserve Entertainment AB (publ.) said its first-quarter normalized net income came to a loss of 19 Swedish öre per share, compared with a loss of 29 öre 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 318,750 kronor, compared with a loss of 486,250 kronor in the prior-year period.

The normalized profit margin rose to negative 96.9% from negative 121.0% in the year-earlier period.

Total revenue declined 18.2% on an annual basis to 329,000 kronor from 402,000 kronor, and total operating expenses fell 29.4% from the prior-year period to 833,000 kronor from 1.2 million kronor.

Reported net income came to a loss of 510,000 kronor, or a loss of 31 öre per share, compared to a loss of 778,000 kronor, or a loss of 47 öre per share, in the prior-year period.

As of May 27, US$1 was equivalent to 8.34 Swedish kronor.