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FirstFarms swings to loss in Q1

FirstFarms A/S said its normalized net income for the first quarter amounted to a loss of 27 Danish øre per share, compared with 29 øre 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 1.6 million kroner, compared with income of 1.7 million kroner in the year-earlier period.

The normalized profit margin declined to negative 9.1% from 8.5% in the year-earlier period.

Total revenue declined 17.0% on an annual basis to 17.1 million kroner from 20.6 million kroner, and total operating expenses grew 15.1% year over year to 18.6 million kroner from 16.2 million kroner.

Reported net income decreased 82.9% year over year to 689,000 kroner, or 12 øre per share, from 4.0 million kroner, or 68 øre per share.

As of May 18, US$1 was equivalent to 6.57 Danish kroner.