Fourlis Holdings SA said its first-quarter normalized net income was €2.5 million, compared with a loss of €3.6 million in the year-earlier period.

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

The normalized profit margin rose to negative 2.7% from negative 4.1% in the year-earlier period.

Total revenue rose year over year to €92.0 million from €88.6 million, and total operating expenses rose year over year to €92.3 million from €90.5 million.

Reported net income totaled a loss of €3.2 million, compared with a loss of €4.8 million, or a loss of 9 cents per share, in the prior-year period.