HolidayCheck Group AG said its first-quarter normalized net income was a loss of €448,130, compared with income of €1.0 million in the year-earlier period.

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

The normalized profit margin fell to negative 1.4% from 3.1% in the year-earlier period.

Total revenue declined on an annual basis to €31.0 million from €32.4 million, and total operating expenses climbed year over year to €31.6 million from €30.5 million.

Reported net income totaled a loss of €747,000, or a loss of 1 cents per share, compared to a loss of €767,000, or a loss of 1 cents per share, in the prior-year period.