Auga Group AB said its normalized net income for the first quarter was a loss of €770,500, compared with income of €232,500 in the year-earlier period.

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

The normalized profit margin fell to negative 5.4% from 4.3% in the year-earlier period.

Total revenue climbed 65.2% year over year to €8.9 million from €5.4 million, and total operating expenses grew from the prior-year period to €10.0 million from €4.9 million.

Reported net income totaled a loss of €554,000, or a loss of 0 cents per share, compared to income of €9.4 million in the year-earlier period.