Nicoccino Holding AB said its normalized net income for the first quarter was a loss of 41 Swedish öre per share, compared with a loss of 49 öre 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 5.6 million kronor, compared with a loss of 5.5 million kronor in the prior-year period.

Total revenue increased 64.8% year over year to 206,000 kronor from 125,000 kronor, and total operating expenses declined 7.4% on an annual basis to 8.3 million kronor from 8.9 million kronor.

Reported net income totaled a loss of 9.0 million kronor, or a loss of 65 öre per share, compared to a loss of 8.8 million kronor, or a loss of 79 öre per share, in the year-earlier period.

As of May 25, US$1 was equivalent to 8.30 Swedish kronor.