AS PRFoods said its normalized net income for the first quarter amounted to a loss of €479,380, compared with a loss of €730,630 in the prior-year period.

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

The normalized profit margin increased to negative 4.7% from negative 7.2% in the year-earlier period.

Total revenue grew on an annual basis to €10.3 million from €10.2 million, and total operating expenses totaled €11.2 million, compared with €11.1 million in the year-earlier period.

Reported net income totaled a loss of €539,000, or a loss of 1 cents per share, compared to a loss of €934,000, or a loss of 2 cents per share, in the year-earlier period.