Multiexport Foods SA said its first-quarter normalized net income amounted to a loss of $2.2 million, compared with income of $1.0 million in the prior-year period.

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

The normalized profit margin declined to negative 2.1% from 1.3% in the year-earlier period.

Total revenue grew 22.8% year over year to $100.4 million from $81.7 million, and total operating expenses grew 31.3% year over year to $104.4 million from $79.5 million.

Reported net income came to a loss of $4.3 million, or a loss of 0 cents per share, compared to income of $3.1 million, or 0 cents per share, in the year-earlier period.