HUP-Zagreb d.d. said its first-quarter normalized net income came to 9.4 million kuna, compared with a loss of 3.1 million kuna in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 26.6% from negative 8.6% in the year-earlier period.

Total revenue decreased on an annual basis to 35.4 million kuna from 36.1 million kuna, and total operating expenses climbed 22.9% year over year to 50.7 million kuna from 41.3 million kuna.

Reported net income totaled a loss of 18.4 million kuna, compared with a loss of 6.0 million kuna in the prior-year period.

As of April 29, US$1 was equivalent to 6.55 kuna.