Plava laguna d.d. said its normalized net income for the first quarter was 32.3 million kuna, compared with a loss of 58.7 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 climbed to negative 87.0% from negative 173.2% in the year-earlier period.

Total revenue rose 9.4% on an annual basis to 37.1 million kuna from 33.9 million kuna, and total operating expenses increased year over year to 82.8 million kuna from 79.5 million kuna.

Reported net income totaled a loss of 52.1 million kuna, compared with a loss of 65.9 million kuna in the prior-year period.

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