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Socfinasia H1 profit falls YOY

Socfinasia S.A. said its normalized net income for the first half amounted to 68 euro cents per share, a decline of 5.7% from 72 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 €13.3 million, a decline of 7.9% from €14.4 million in the prior-year period.

Total revenue fell 16.8% year over year to €71.1 million from €85.4 million, and total operating expenses declined 26.4% on an annual basis to €49.5 million from €67.2 million.

Reported net income fell 20.5% on an annual basis to €14.3 million, or 73 cents per share, from €18.0 million, or 90 cents per share.