Bianor Holding AD said its first-quarter normalized net income amounted to 183,500 leva, compared with a loss of 106,380 leva in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 25.0% from negative 16.0% in the year-earlier period.
Total revenue grew 10.9% on an annual basis to 735,000 leva from 663,000 leva, and total operating expenses rose 27.3% from the prior-year period to 718,000 leva from 564,000 leva.
Reported net income totaled a loss of 287,000 leva, compared with a loss of 160,000 leva in the year-earlier period.
As of May 30, US$1 was equivalent to 1.76 leva.