Milkiland NV said its normalized net income for the first quarter was a loss of 33 euro cents per share, compared with a loss of 71 cents 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 €10.3 million, compared with a loss of €22.3 million in the year-earlier period.

The normalized profit margin climbed to negative 28.2% from negative 47.8% in the year-earlier period.

Total revenue decreased 21.9% on an annual basis to €36.5 million from €46.7 million, and total operating expenses fell 23.0% on an annual basis to €36.9 million from €48.0 million.

Reported net income totaled a loss of €16.3 million, or a loss of 52 cents per share, compared to a loss of €34.9 million, or a loss of €1.12 per share, in the prior-year period.