Skano Group AS said its first-quarter normalized net income amounted to a loss of €221,250, compared with a loss of €22,500 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 4.9% from negative 0.4% in the year-earlier period.
Total revenue decreased 11.0% year over year to €4.5 million from €5.1 million, and total operating expenses fell 5.1% from the prior-year period to €4.8 million from €5.1 million.
Reported net income came to a loss of €355,000, or a loss of 8 cents per share, compared to a loss of €39,000, or a loss of 1 cents per share, in the prior-year period.