Varteks d.d. said its first-quarter normalized net income amounted to 3.0 million kuna, compared with a loss of 8.8 million kuna in the prior-year period.

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

The normalized profit margin climbed to negative 12.7% from negative 24.0% in the year-earlier period.

Total revenue fell 6.2% year over year to 34.3 million kuna from 36.6 million kuna, and total operating expenses decreased 19.0% year over year to 40.9 million kuna from 50.4 million kuna.

Reported net income totaled a loss of 7.0 million kuna, compared with a loss of 14.1 million kuna in the year-earlier period.

As of May 19, US$1 was equivalent to 6.77 kuna.