Flour Mills C. Sarantopoulos SA said its first-quarter normalized net income amounted to a loss of 1 euro cents per share, compared with a loss of 2 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 €61,680, compared with a loss of €103,300 in the prior-year period.

The normalized profit margin rose to negative 1.7% from negative 2.4% in the year-earlier period.

Total revenue fell 13.3% year over year to €3.7 million from €4.3 million, and total operating expenses fell 15.7% on an annual basis to €3.6 million from €4.3 million.

Reported net income came to a loss of €70,860, or a loss of 2 cents per share, compared to a loss of €124,080, or a loss of 3 cents per share, in the year-earlier period.