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Estoril Sol swings to profit in Q1

Estoril Sol SGPS SA said its first-quarter normalized net income was 4 euro cents per share, compared with a loss of 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €420,750, compared with a loss of €182,930 in the prior-year period.

The normalized profit margin increased to 0.9% from negative 0.4% in the year-earlier period.

Total revenue grew 6.5% on an annual basis to €45.2 million from €42.4 million, and total operating expenses rose 5.5% year over year to €43.2 million from €40.9 million.

Reported net income came to €673,200, or 6 cents per share, compared to a loss of €294,050, or a loss of 2 cents per share, in the prior-year period.