GINSMS Inc. said its first-quarter normalized net income was a loss of C$124,170, compared with a loss of C$700,870 in the prior-year period.

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

The normalized profit margin increased to negative 7.5% from negative 85.1% in the year-earlier period.

Total revenue grew on an annual basis to C$1.7 million from C$823,550, and total operating expenses increased 23.0% from the prior-year period to C$1.7 million from C$1.4 million.

Reported net income came to a loss of C$199,280, or a loss of 0 cents per share, compared to a loss of C$3.6 million, or a loss of 8 cents per share, in the year-earlier period.