Village Farms International Inc. said its first-quarter normalized net income was a loss of 1 cents per share, compared with a loss of 3 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $477,500, compared with a loss of $1.0 million in the prior-year period.
The normalized profit margin climbed to negative 1.5% from negative 3.6% in the year-earlier period.
Total revenue grew 14.3% year over year to $31.7 million from $27.7 million, and total operating expenses grew 11.2% year over year to $31.9 million from $28.7 million.
Reported net income came to a loss of $388,970, or a loss of 1 cents per share, compared to a loss of $775,980, or a loss of 2 cents per share, in the year-earlier period.