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Cocoa Processing fiscal Q1 loss narrows YOY

Cocoa Processing Company Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of $1.3 million, compared with a loss of $4.0 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 climbed to negative 14.2% from negative 36.9% in the year-earlier period.

Total revenue decreased 18.2% year over year to $8.9 million from $10.9 million, and total operating expenses fell 39.0% from the prior-year period to $9.9 million from $16.3 million.

Reported net income totaled a loss of $2.0 million, or a loss of 0 cents per share, compared to a loss of $6.4 million, or a loss of 0 cents per share, in the prior-year period.