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Gorenje swings to loss in Q2

Gorenje d.d. said its normalized net income for the second quarter was a loss of 12 euro cents per share, compared with 7 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 €2.9 million, compared with income of €1.6 million in the year-earlier period.

The normalized profit margin dropped to negative 1.0% from 0.5% in the year-earlier period.

Total revenue fell 7.1% year over year to €289.8 million from €312.0 million, and total operating expenses declined 5.7% year over year to €283.6 million from €300.7 million.

Reported net income came to a loss of €4.8 million, or a loss of 20 cents per share, compared to income of €2.0 million, or 9 cents per share, in the prior-year period.