artnet AG said its first-quarter normalized net income amounted to a loss of 2 euro cents per share, compared with 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €114,310, compared with income of €110,180 in the prior-year period.

The normalized profit margin dropped to negative 2.8% from 3.3% in the year-earlier period.

Total revenue grew 20.6% year over year to €4.0 million from €3.4 million, and total operating expenses grew 31.4% from the prior-year period to €4.2 million from €3.2 million.

Reported net income came to a loss of €166,590, or a loss of 3 cents per share, compared to income of €166,590, or 3 cents per share, in the year-earlier period.