AB Snaige said its first-quarter normalized net income came to a loss of €116,480, compared with a loss of €181,280 in the year-earlier period.

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

The normalized profit margin increased to negative 1.6% from negative 2.2% in the year-earlier period.

Total revenue declined 15.7% on an annual basis to €7.1 million from €8.4 million, and total operating expenses fell 17.2% year over year to €7.2 million from €8.7 million.

Reported net income totaled a loss of €186,390, or a loss of 0 cents per share, compared to a loss of €290,040, or a loss of 1 cents per share, in the prior-year period.