Public Joint-Stock Co. Likhachov Plant said its normalized net income for the first quarter was a loss of 156.64 Russian rubles per share, compared with a loss of 201.73 rubles 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 416.7 million rubles, compared with a loss of 536.6 million rubles in the year-earlier period.

The normalized profit margin increased to negative 113.4% from negative 136.8% in the year-earlier period.

Total revenue decreased 6.3% on an annual basis to 367.5 million rubles from 392.2 million rubles, and total operating expenses fell 16.8% on an annual basis to 724.8 million rubles from 870.7 million rubles.

Reported net income came to a loss of 666.7 million rubles, or a loss of 250.63 rubles per share, compared to a loss of 712.4 million rubles, or a loss of 267.80 rubles per share, in the prior-year period.

As of May 14, US$1 was equivalent to 50.17 Russian rubles.