Pesquera Iquique Guanaye SA said its first-quarter normalized net income was a loss of $4.8 million, compared with a loss of $2.7 million in the prior-year period.

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

The normalized profit margin declined to negative 12.6% from negative 5.8% in the year-earlier period.

Total revenue fell 17.7% on an annual basis to $38.3 million from $46.5 million, and total operating expenses declined year over year to $48.5 million from $50.5 million.

Reported net income came to a loss of $8.2 million, or a loss of 0 cents per share, compared to a loss of $759,000, or a loss of 0 cents per share, in the prior-year period.