Bausch + Lomb Corp. reported its first-quarter profit fell compared with a year ago as its revenue edged higher.

The company, which is being spun off from Bausch Health Companies Inc., says net income attributable to the company totalled US$20 million or six cents per diluted share for the quarter ended March 31.

The result compared with a profit of US$27 million or eight cents per diluted share in the same quarter last year.

Revenue, for the company, which keeps its books in U.S. dollars, totalled US$889 million, up from US$881 million.

Bausch + Lomb began trading on the New York Stock Exchange and Toronto Stock Exchange last month.

Bausch Health expects to complete the spinoff following the expiry of customary lockups related to the IPO, achievement of target net leverage ratios and subject to market conditions and receipt of applicable shareholder and other necessary approvals.