A/S Kurzemes Atslega 1 said its first-quarter normalized net income came to a loss of €17,210, compared with income of €5,810 in the year-earlier period.

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

The normalized profit margin dropped to negative 3.5% from 1.0% in the year-earlier period.

Total revenue declined 16.8% on an annual basis to €490,460 from €589,640, and total operating expenses decreased 9.8% on an annual basis to €523,840 from €580,600.

Reported net income totaled a loss of €27,540, or a loss of 2 cents per share, compared to income of €9,300, or 1 cents per share, in the year-earlier period.