Les Hôtels Baverez SA said its first-quarter normalized net income amounted to €1.3 million, compared with a loss of €986,290 in the year-earlier period.

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

The normalized profit margin declined to negative 29.5% from negative 22.6% in the year-earlier period.

Total revenue declined year over year to €4.3 million from €4.4 million, and total operating expenses grew 9.3% on an annual basis to €6.4 million from €5.9 million.

Reported net income came to a loss of €2.0 million, compared with a loss of €1.5 million in the prior-year period.