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Linas Agro fiscal Q3 profit falls YOY

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Linas Agro fiscal Q3 profit falls YOY

AB Linas Agro Group said its normalized net income for the fiscal third quarter ended March 31 was €1.4 million, a decline of 27.6% from €1.9 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.0% from 1.1% in the year-earlier period.

Total revenue declined 19.6% on an annual basis to €134.7 million from €167.6 million, and total operating expenses declined 19.1% from the prior-year period to €132.1 million from €163.3 million.

Reported net income decreased 50.9% from the prior-year period to €1.7 million, or 1 cents per share, from €3.5 million, or 2 cents per share.