Milkiland NV said its third-quarter normalized net income came to a loss of 28 euro cents per share, compared with a loss of 21 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 €8.7 million, compared with a loss of €6.6 million in the prior-year period.

The normalized profit margin fell to negative 18.0% from negative 8.9% in the year-earlier period.

Total revenue decreased 34.6% year over year to €48.6 million from €74.3 million, and total operating expenses declined 23.4% year over year to €56.8 million from €74.1 million.

Reported net income totaled a loss of €14.0 million, or a loss of 45 cents per share, compared to a loss of €7.8 million, or a loss of 25 cents per share, in the prior-year period.