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Blumar SA swings to profit in Q3

Blumar SA said its normalized net income for the third quarter was $1.5 million, compared with a loss of $1.8 million in the prior-year period.

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

The normalized profit margin rose to 1.5% from negative 2.4% in the year-earlier period.

Total revenue climbed 23.4% on an annual basis to $94.3 million from $76.4 million, and total operating expenses climbed 23.1% from the prior-year period to $90.7 million from $73.7 million.

Reported net income totaled $9.7 million, or 1 cents per share, compared to a loss of $8.2 million, or a loss of 1 cents per share, in the prior-year period.