Varteks d.d. said its normalized net income for the third quarter amounted to 4.5 million kuna, compared with a loss of 3.6 million kuna 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 negative 11.9% from negative 6.1% in the year-earlier period.

Total revenue declined 36.7% year over year to 37.1 million kuna from 58.6 million kuna, and total operating expenses decreased 32.6% from the prior-year period to 42.4 million kuna from 62.9 million kuna.

Reported net income totaled a loss of 7.1 million kuna, compared with a loss of 5.7 million kuna in the year-earlier period.

As of Oct. 28, US$1 was equivalent to 6.87 kuna.