Skano Group AS said its first-quarter normalized net income was a loss of €22,500, compared with a loss of €116,250 in the prior-year period.

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

The normalized profit margin rose to negative 0.4% from negative 2.2% in the year-earlier period.

Total revenue decreased year over year to €5.1 million from €5.4 million, and total operating expenses declined 7.2% from the prior-year period to €5.1 million from €5.5 million.

Reported net income came to a loss of €39,000, or a loss of 1 cents per share, compared to a loss of €186,000, or a loss of 4 cents per share, in the prior-year period.