Apetit Oyj said its normalized net income for the first quarter came to a loss of 23 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share loss widened 33.6% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €1.4 million, compared with a loss of €1.1 million in the prior-year period.

The normalized profit margin fell to negative 1.2% from negative 1.2% in the year-earlier period.

Total revenue decreased on an annual basis to €87.5 million from €91.5 million, and total operating expenses declined on an annual basis to €88.4 million from €92.7 million.

Reported net income came to a loss of €2.2 million, or a loss of 36 cents per share, compared to a loss of €1.9 million, or a loss of 31 cents per share, in the year-earlier period.