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Varteks Q1 loss narrows YOY

Varteks d.d. said its first-quarter normalized net income was 2.4 million kuna, compared with a loss of 4.4 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 rose to negative 6.5% from negative 12.7% in the year-earlier period.

Total revenue grew 5.9% year over year to 36.3 million kuna from 34.3 million kuna, and total operating expenses came to 39.9 million kuna, compared with 39.8 million kuna in the prior-year period.

Reported net income came to a loss of 3.8 million kuna, compared with a loss of 7.0 million kuna in the prior-year period.

As of July 8, US$1 was equivalent to 6.78 kuna.