Codere SA said its first-quarter normalized net income was a loss of €1.72 per share, compared with a loss of €4.19 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €4.4 million, compared with a loss of €10.7 million in the prior-year period.

The normalized profit margin climbed to negative 1.1% from negative 3.3% in the year-earlier period.

Total revenue increased 20.4% on an annual basis to €396.8 million from €329.5 million, and total operating expenses climbed 14.9% from the prior-year period to €362.9 million from €315.9 million.

Reported net income came to a loss of €35.7 million, or a loss of €13.96 per share, compared to a loss of €27.5 million, or a loss of €10.75 per share, in the year-earlier period.