Tovarna olja Gea d.d. said its normalized net income for the first quarter came to a loss of €36,830, compared with income of €47,360 in the prior-year period.

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

The normalized profit margin dropped to negative 0.7% from 0.8% in the year-earlier period.

Total revenue declined year over year to €5.6 million from €5.7 million, and total operating expenses rose year over year to €5.8 million from €5.7 million.

Reported net income came to a loss of €59,530, or a loss of 5 cents per share, compared to a loss of €4,710 in the prior-year period.