Dynex Power Inc. said its normalized net income for the first quarter came to a loss of C$328,980, compared with a loss of C$2.1 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin rose to negative 3.2% from negative 22.1% in the year-earlier period.
Total revenue rose 7.6% year over year to C$10.3 million from C$9.5 million, and total operating expenses fell 13.3% on an annual basis to C$10.8 million from C$12.4 million.
Reported net income totaled a loss of C$805,090, or a loss of 1 cents per share, compared to a loss of C$2.4 million, or a loss of 3 cents per share, in the prior-year period.