FirstFarms A/S said its normalized net income for the first quarter amounted to a loss of 1.00 Danish kroner per share, compared with a loss of 27 øre 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 4.8 million kroner, compared with a loss of 1.6 million kroner in the prior-year period.

The normalized profit margin declined to negative 18.8% from negative 9.1% in the year-earlier period.

Total revenue rose 48.9% on an annual basis to 25.4 million kroner from 17.1 million kroner, and total operating expenses grew 67.2% from the prior-year period to 31.1 million kroner from 18.6 million kroner.

Reported net income came to a loss of 1.3 million kroner, or a loss of 28 øre per share, compared to income of 689,000 kroner, or 12 øre per share, in the year-earlier period.

As of May 24, US$1 was equivalent to 6.66 Danish kroner.