Sfakianakis SA said its first-quarter normalized net income amounted to a loss of 41 euro cents per share, compared with a loss of 47 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €3.2 million, compared with a loss of €3.8 million in the prior-year period.

The normalized profit margin rose to negative 6.7% from negative 7.6% in the year-earlier period.

Total revenue declined year over year to €48.3 million from €49.1 million, and total operating expenses fell on an annual basis to €50.2 million from €51.6 million.

Reported net income totaled a loss of €5.2 million, or a loss of 65 cents per share, compared to a loss of €5.7 million, or a loss of 72 cents per share, in the year-earlier period.