N1 Hf said its first-quarter normalized net income was 14 aurar per share, compared with a loss of 6 aurar per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 96.8 million kronur, compared with a loss of 58.4 million kronur in the year-earlier period.

The normalized profit margin rose to 1.0% from negative 0.5% in the year-earlier period.

Total revenue declined 12.8% on an annual basis to 9.88 billion kronur from 11.33 billion kronur, and total operating expenses decreased 14.1% on an annual basis to 9.78 billion kronur from 11.38 billion kronur.

Reported net income totaled 134.6 million kronur, or 19 aurar per share, compared to a loss of 77.2 million kronur, or a loss of 8 aurar per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 135.94 Icelandic kronur.