Agrokasa Holdings SA said its normalized net income for the first quarter came to a loss of 2 cents per share, compared with a loss of 3 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 $1.4 million, compared with a loss of $1.9 million in the prior-year period.

The normalized profit margin increased to 418.0% from negative 34.5% in the year-earlier period.

Total revenue decreased 17.5% year over year to $4.7 million from $5.6 million, and total operating expenses decreased 19.6% from the prior-year period to $4.5 million from $5.6 million.

Reported net income totaled a loss of $2.4 million, or a loss of 4 cents per share, compared to a loss of $3.2 million, or a loss of 5 cents per share, in the year-earlier period.