Posera Ltd. said its normalized net income for the first quarter was a loss of C$493,890, compared with a loss of C$587,860 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to negative 11.2% from negative 15.3% in the year-earlier period.
Total revenue grew 14.8% on an annual basis to C$4.4 million from C$3.8 million, and total operating expenses grew 8.3% from the prior-year period to C$5.1 million from C$4.7 million.
Reported net income came to a loss of C$1.4 million, or a loss of 2 cents per share, compared to a loss of C$1.2 million, or a loss of 2 cents per share, in the year-earlier period.