Molson Coors Canada Inc. said its normalized net income for the first quarter amounted to $45.9 million, compared with a loss of $52.9 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 rose to negative 10.0% from negative 26.2% in the year-earlier period.
Total revenue fell 20.0% on an annual basis to $161.3 million from $201.6 million, and total operating expenses fell 14.2% on an annual basis to $186.1 million from $216.9 million.
Reported net income came to a loss of $71.1 million, compared with a loss of $17.5 million in the prior-year period.
