Pieno Zvaigzdes AB said its normalized net income for the first quarter amounted to a loss of €241,880, compared with income of €511,880 in the year-earlier period.

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

The normalized profit margin dropped to negative 0.6% from 0.8% in the year-earlier period.

Total revenue fell 39.6% year over year to €39.8 million from €65.9 million, and total operating expenses declined 38.2% year over year to €40.0 million from €64.8 million.

Reported net income came to a loss of €387,000, or a loss of 1 cents per share, compared to income of €696,000, or 1 cents per share, in the prior-year period.