AB Utenos Trikotazas said its first-quarter normalized net income was a loss of €39,750, compared with a loss of €334,000 in the year-earlier period.

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

The normalized profit margin climbed to negative 0.8% from negative 7.7% in the year-earlier period.

Total revenue climbed 14.4% year over year to €5.0 million from €4.3 million, and total operating expenses increased 9.2% from the prior-year period to €4.9 million from €4.5 million.

Reported net income came to a loss of €54,000, or a loss of 1 cents per share, compared to a loss of €464,000, or a loss of 5 cents per share, in the prior-year period.