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Sabaf Q2 profit falls YOY

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Sabaf Q2 profit falls YOY

Sabaf SpA said its normalized net income for the second quarter came to 19 euro cents per share, a decrease of 22.4% from 25 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 €2.2 million, a decrease of 22.4% from €2.8 million in the prior-year period.

The normalized profit margin declined to 6.3% from 7.4% in the year-earlier period.

Total revenue fell 8.3% year over year to €35.0 million from €38.2 million, and total operating expenses decreased 6.0% year over year to €31.4 million from €33.4 million.

Reported net income declined 20.5% year over year to €2.3 million, or 20 cents per share, from €2.9 million, or 26 cents per share.