Akcionarsko drustvo Tigar Pirot said its normalized net income for the first quarter was a loss of 27.86 Serbian dinars per share, compared with a loss of 39.21 dinars 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 47.9 million dinars, compared with a loss of 67.4 million dinars in the year-earlier period.

The normalized profit margin rose to negative 5.8% from negative 9.7% in the year-earlier period.

Total revenue grew 19.6% on an annual basis to 831.7 million dinars from 695.7 million dinars, and total operating expenses climbed 17.0% year over year to 784.2 million dinars from 670.2 million dinars.

Reported net income totaled a loss of 80.9 million dinars, or a loss of 47.08 dinars per share, compared to a loss of 110.9 million dinars, or a loss of 64.56 dinars per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 110.20 Serbian dinars.