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Pescanova fiscal Q1 loss narrows YOY

Pescanova SA said its normalized net income for the fiscal first quarter ended Feb. 28 was €3.7 million, compared with a loss of €10.8 million in the first quarter ended March 31, 2014.

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

The normalized profit margin climbed to negative 1.5% from negative 5.3% in the year-earlier period.

Total revenue increased 23.4% on an annual basis to €254.3 million from €206.1 million, and total operating expenses increased 23.1% on an annual basis to €259.7 million from €211.0 million.

Reported net income totaled a loss of €5.9 million, compared with a loss of €16.9 million in the first quarter ended March 31, 2014.