Bang & Olufsen a/s said its normalized net income for the fiscal first quarter ended Aug. 31 was a loss of 1.72 Danish kroner per share, compared with a loss of 2.68 kroner 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 73.9 million kroner, compared with a loss of 108.6 million kroner in the year-earlier period.

The normalized profit margin increased to negative 14.6% from negative 25.0% in the year-earlier period.

Total revenue increased 16.7% on an annual basis to 506.0 million kroner from 433.5 million kroner, and total operating expenses climbed from the prior-year period to 610.8 million kroner from 604.7 million kroner.

Reported net income came to a loss of 92.2 million kroner, or a loss of 2.14 kroner per share, compared to a loss of 141.6 million kroner, or a loss of 3.49 kroner per share, in the prior-year period.

As of Sept. 30, US$1 was equivalent to 6.68 Danish kroner.