Ellah Lakes PLC said its normalized net income for the fiscal first quarter ended Oct. 31 amounted to a loss of 6 kobo per share, compared with a loss of 4 kobo 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 3.6 million nairas, compared with a loss of 2.5 million nairas in the year-earlier period.

The normalized profit margin dropped to negative 23.4% from negative 19.7% in the year-earlier period.

Total revenue increased 17.6% on an annual basis to 15.2 million nairas from 12.9 million nairas, and total operating expenses grew 21.6% on an annual basis to 20.7 million nairas from 17.0 million nairas.

Reported net income totaled a loss of 5.7 million nairas, or a loss of 10 kobo per share, compared to a loss of 4.1 million nairas, or a loss of 7 kobo per share, in the year-earlier period.

As of Dec. 10, US$1 was equivalent to 199.20 nairas.