Australis Seafoods SA said its first-quarter normalized net income came to a loss of $8.1 million, compared with a loss of $375,630 in the year-earlier period.

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

The normalized profit margin declined to negative 29.2% from negative 1.4% in the year-earlier period.

Total revenue increased 6.0% year over year to $27.8 million from $26.2 million, and total operating expenses increased 49.0% on an annual basis to $39.0 million from $26.2 million.

Reported net income came to a loss of $5.5 million, or a loss of 0 cents per share, compared to income of $58,000, or 0 cents per share, in the prior-year period.