Albena AD said its normalized net income for the first quarter amounted to a loss of 1.05 leva per share, compared with a loss of 96 stotinki per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.3 million leva, compared with a loss of 4.0 million leva in the year-earlier period.

The normalized profit margin declined to negative 109.8% from negative 99.7% in the year-earlier period.

Total revenue fell 18.3% year over year to 3.3 million leva from 4.0 million leva, and total operating expenses totaled 9.8 million leva, compared with 9.7 million leva in the prior-year period.

Reported net income totaled a loss of 7.1 million leva, or a loss of 1.71 leva per share, compared to a loss of 6.4 million leva, or a loss of 1.55 leva per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 1.75 leva.