Kernel Holding SA said its normalized net income for the fiscal third quarter ended March 31 was a loss of 3 cents per share, compared with a loss of 24 cents 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 $2.0 million, compared with a loss of $19.4 million in the year-earlier period.

The normalized profit margin increased to negative 0.3% from negative 2.9% in the year-earlier period.

Total revenue decreased 10.1% year over year to $607.0 million from $675.0 million, and total operating expenses decreased 13.9% from the prior-year period to $542.8 million from $630.7 million.

Reported net income came to $7.2 million, or 9 cents per share, compared to a loss of $25.5 million, or a loss of 32 cents per share, in the year-earlier period.