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Feronia Q1 loss widens YOY

Feronia Inc. said its normalized net income for the first quarter came to a loss of 4 cents per share, compared with a loss of 2 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 $3.0 million, compared with a loss of $1.1 million in the year-earlier period.

The normalized profit margin increased to negative 27.9% from negative 68.2% in the year-earlier period.

Total revenue climbed 53.8% year over year to $2.5 million from $1.6 million, and total operating expenses rose 50.0% year over year to $7.0 million from $4.6 million.

Reported net income totaled $3.8 million, or 5 cents per share, compared to a loss of $3.8 million, or a loss of 7 cents per share, in the year-earlier period.