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ÂŽItnjak Q1 profit falls YOY

Žitnjak proizvodnja i promet robom d.d. said its first-quarter normalized net income came to 69 lipa per share, a decline of 59.2% from 1.68 kuna per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 141,200 kuna, a decrease of 59.2% from 345,960 kuna in the year-earlier period.

The normalized profit margin fell to 2.4% from 5.4% in the year-earlier period.

Total revenue declined 7.8% year over year to 5.9 million kuna from 6.4 million kuna, and total operating expenses fell on an annual basis to 6.3 million kuna from 6.5 million kuna.

Reported net income declined 59.2% from the prior-year period to 225,910 kuna, or 1.10 kuna per share, from 553,540 kuna, or 2.69 kuna per share.

As of April 16, US$1 was equivalent to 7.08 kuna.