AS Rigas Autoelektroaparatu Rupnica said its first-quarter normalized net income amounted to a loss of €24,710, compared with income of €42,550 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 107.7% from 110.7% in the year-earlier period.
Total revenue fell 40.2% on an annual basis to €22,960 from €38,420.
Reported net income came to a loss of €39,540, or a loss of 1 cents per share, compared to income of €68,070, or 2 cents per share, in the prior-year period.