Village Farms International Inc. said its normalized net income for the first quarter came to a loss of $1.0 million, compared with a loss of $288,750 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 3.6% from negative 1.2% in the year-earlier period.
Total revenue increased 15.6% on an annual basis to $27.7 million from $24.0 million, and total operating expenses increased 20.8% from the prior-year period to $28.7 million from $23.8 million.
Reported net income came to a loss of $775,980, or a loss of 2 cents per share, compared to a loss of $390,840, or a loss of 1 cents per share, in the prior-year period.
