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Kiriacoulis Mediterranean swings to profit in Q1

Kiriacoulis Mediterranean Cruises Shipping SA said its normalized net income for the first quarter came to 12 euro cents per share, compared with a loss of 11 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 €883,180, compared with a loss of €805,330 in the year-earlier period.

The normalized profit margin rose to 29.1% from negative 29.0% in the year-earlier period.

Total revenue increased 9.2% on an annual basis to €3.0 million from €2.8 million, and total operating expenses grew from the prior-year period to €3.9 million from €3.8 million.

Reported net income came to €1.4 million, or 19 cents per share, compared to a loss of €1.4 million, or a loss of 18 cents per share, in the year-earlier period.