EL. D. Mouzakis SA said its first-quarter normalized net income amounted to a loss of €313,030, compared with a loss of €419,850 in the prior-year period.

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

The normalized profit margin rose to negative 16.6% from negative 19.3% in the year-earlier period.

Total revenue decreased 13.3% year over year to €1.9 million from €2.2 million, and total operating expenses fell 15.5% on an annual basis to €2.3 million from €2.8 million.

Reported net income came to a loss of €485,080, or a loss of 2 cents per share, compared to a loss of €671,770, or a loss of 2 cents per share, in the prior-year period.