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Utenos Trikotazas swings to profit in Q2

AB Utenos Trikotazas said its second-quarter normalized net income came to €110,380, compared with a loss of €57,630 in the year-earlier period.

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

The normalized profit margin rose to 2.3% from negative 1.4% in the year-earlier period.

Total revenue increased 15.9% year over year to €4.8 million from €4.1 million, and total operating expenses grew 7.5% year over year to €4.6 million from €4.3 million.

Reported net income totaled €206,000, or 2 cents per share, compared to a loss of €71,000, or a loss of 1 cents per share, in the prior-year period.