Wulff-Yhtiöt Oyj said its first-quarter normalized net income was a loss of 4 euro cents per share, compared with 3 cents 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 €238,130, compared with income of €215,500 in the year-earlier period.

The normalized profit margin dropped to negative 1.5% from 1.1% in the year-earlier period.

Total revenue fell 19.2% year over year to €15.5 million from €19.2 million, and total operating expenses fell 16.5% year over year to €15.9 million from €19.1 million.

Reported net income came to a loss of €362,000, or a loss of 6 cents per share, compared to a loss of €90,000, or a loss of 1 cents per share, in the year-earlier period.