Diamond Estates Wines & Spirits Inc. said its normalized net income for the fiscal first quarter ended June 30 was a loss of C$119,200, compared with a loss of C$211,100 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to negative 2.3% from negative 3.5% in the year-earlier period.
Total revenue declined 13.5% on an annual basis to C$5.2 million from C$6.0 million, and total operating expenses declined 11.9% on an annual basis to C$5.0 million from C$5.7 million.
Reported net income came to a loss of C$197,680, or a loss of 0 cents per share, compared to a loss of C$338,770, or a loss of 2 cents per share, in the year-earlier period.
