Selonda Aquaculture SA said its first-quarter normalized net income came to €706,790, compared with a loss of €1.5 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 rose to 2.2% from negative 4.6% in the year-earlier period.

Total revenue totaled €32.8 million, compared with €32.9 million in the year-earlier period, and total operating expenses declined 10.1% from the prior-year period to €30.4 million from €33.8 million.

Reported net income came to a loss of €254,380, or a loss of 0 cents per share, compared to a loss of €4.1 million, or a loss of 2 cents per share, in the year-earlier period.