AB Gubernija said its normalized net income for the first quarter came to a loss of €160,630, compared with a loss of €178,130 in the prior-year period.

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

The normalized profit margin climbed to negative 9.1% from negative 9.6% in the year-earlier period.

Total revenue decreased 21.8% year over year to €1.5 million from €1.9 million, and total operating expenses decreased 19.8% year over year to €1.7 million from €2.1 million.

Reported net income totaled a loss of €247,000, or a loss of 2 cents per share, compared to a loss of €275,000, or a loss of 2 cents per share, in the year-earlier period.