Food Empire Holdings Ltd. said its first-quarter normalized net income amounted to a loss of $2.6 million, compared with a loss of $2.0 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 6.2% from negative 3.3% in the year-earlier period.
Total revenue fell 14.4% on an annual basis to $51.4 million from $60.1 million, and total operating expenses decreased 13.5% year over year to $48.9 million from $56.6 million.
Reported net income totaled a loss of $4.4 million, or a loss of 1 cents per share, compared to a loss of $3.0 million, or a loss of 1 cents per share, in the prior-year period.
