KRE.KA. SA said its normalized net income for the first quarter came to a loss of 5 euro cents per share, compared with a loss of 5 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 €341,210, compared with a loss of €357,840 in the year-earlier period.

The normalized profit margin dropped to negative 6.3% from negative 5.8% in the year-earlier period.

Total revenue decreased 13.3% on an annual basis to €5.4 million from €6.2 million, and total operating expenses decreased 12.8% year over year to €5.5 million from €6.3 million.

Reported net income totaled a loss of €489,720, or a loss of 7 cents per share, compared to a loss of €781,400, or a loss of 11 cents per share, in the prior-year period.