P.G. Nikas SA said its first-quarter normalized net income amounted to a loss of 64 euro cents per share, compared with a loss of 52 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €1.3 million, compared with a loss of €1.0 million in the prior-year period.

The normalized profit margin dropped to negative 10.3% from negative 8.0% in the year-earlier period.

Total revenue decreased year over year to €12.7 million from €13.1 million, and total operating expenses climbed from the prior-year period to €13.8 million from €13.7 million.

Reported net income totaled a loss of €3.1 million, or a loss of €1.54 per share, compared to a loss of €1.3 million, or a loss of 64 cents per share, in the prior-year period.