I.Kloukinas-I.Lappas SA said its first-quarter normalized net income came to a loss of €342,050, compared with a loss of €294,160 in the year-earlier period.

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

The normalized profit margin dropped to negative 5.2% from negative 4.0% in the year-earlier period.

Total revenue fell 8.8% on an annual basis to €6.6 million from €7.3 million, and total operating expenses decreased 6.7% from the prior-year period to €7.0 million from €7.5 million.

Reported net income came to a loss of €623,540, or a loss of 2 cents per share, compared to a loss of €539,530, or a loss of 1 cents per share, in the year-earlier period.