Varvaressos SA European Spinning Mills said its first-quarter normalized net income came to a loss of 2 euro cents per share, compared with a loss of 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 €409,200, compared with a loss of €506,840 in the prior-year period.

The normalized profit margin rose to negative 7.9% from negative 10.2% in the year-earlier period.

Total revenue increased 5.2% on an annual basis to €5.2 million from €4.9 million, and total operating expenses climbed 5.1% on an annual basis to €5.8 million from €5.5 million.

Reported net income came to a loss of €654,950, or a loss of 4 cents per share, compared to a loss of €806,810, or a loss of 5 cents per share, in the prior-year period.