Qualitau Ltd said its first-quarter normalized net income came to a loss of $555,630, compared with income of $9,380 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 28.7% from 0.3% in the year-earlier period.

Total revenue declined 40.6% on an annual basis to $1.9 million from $3.3 million, and total operating expenses declined 11.9% year over year to $2.8 million from $3.2 million.

Reported net income came to a loss of $890,000, or a loss of 21 cents per share, compared to income of $18,000, or 0 cents per share, in the year-earlier period.