AS Baltika said its normalized net income for the second quarter came to €46,880, a decline of 82.1% from €262,500 in the year-earlier period.

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

The normalized profit margin dropped to 0.7% from 2.0% in the year-earlier period.

Total revenue rose on an annual basis to €13.2 million from €13.0 million, and total operating expenses rose on an annual basis to €12.9 million from €12.5 million.

Reported net income fell 59.8% on an annual basis to €164,000, or 0 cents per share, from €407,950, or 1 cents per share.