Papoutsanis SA said its normalized net income for the first quarter amounted to a loss of €87,000, compared with income of €60,050 in the prior-year period.

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

The normalized profit margin declined to negative 2.8% from 1.6% in the year-earlier period.

Total revenue fell 18.5% on an annual basis to €3.1 million from €3.8 million, and total operating expenses declined 11.5% on an annual basis to €3.2 million from €3.7 million.

Reported net income totaled a loss of €145,500, or a loss of 0 cents per share, compared to income of €99,360, or 0 cents per share, in the prior-year period.