Gyldendal ASA said its first-quarter normalized net income came to a loss of 11.71 Norwegian kroner per share, compared with a loss of 14.74 kroner 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 27.6 million kroner, compared with a loss of 34.6 million kroner in the prior-year period.

The normalized profit margin rose to negative 7.9% from negative 10.9% in the year-earlier period.

Total revenue increased 9.5% year over year to 347.2 million kroner from 317.1 million kroner, and total operating expenses rose 6.2% year over year to 391.1 million kroner from 368.2 million kroner.

Reported net income totaled a loss of 31.3 million kroner, or a loss of 13.30 kroner per share, compared to a loss of 40.4 million kroner, or a loss of 17.20 kroner per share, in the year-earlier period.

As of May 19, US$1 was equivalent to 7.54 Norwegian kroner.