AS Brivais vilnis said its normalized net income for the first quarter came to a loss of €59,870, compared with income of €29,700 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 4.7% from 1.4% in the year-earlier period.

Total revenue declined 40.1% year over year to €1.3 million from €2.1 million, and total operating expenses declined 33.2% from the prior-year period to €1.4 million from €2.1 million.

Reported net income came to a loss of €95,780, or a loss of 3 cents per share, compared to income of €47,520, or 2 cents per share, in the year-earlier period.