Farmaceutica REMEDIA S.A. said its first-quarter normalized net income was 93,210 lei, compared with income of 307,660 lei in the prior-year period.

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

The normalized profit margin dropped to negative 0.2% from 0.5% in the year-earlier period.

Total revenue fell 18.8% year over year to 50.9 million lei from 62.7 million lei, and total operating expenses declined 17.8% on an annual basis to 51.0 million lei from 62.1 million lei.

Reported net income came to a loss of 149,130 lei, compared with income of 404,500 lei, or 0 bani per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 3.96 Romanian lei.