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Dukat mlijecna industrija swings to profit in Q1

Dukat mlijecna industrija d.d. said its first-quarter normalized net income was 3.66 kuna per share, compared with a loss of 55 lipa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.0 million kuna, compared with a loss of 1.6 million kuna in the year-earlier period.

The normalized profit margin rose to 1.4% from negative 0.2% in the year-earlier period.

Total revenue fell on an annual basis to 792.2 million kuna from 829.3 million kuna, and total operating expenses fell 6.8% year over year to 770.2 million kuna from 826.5 million kuna.

Reported net income totaled 15.1 million kuna, or 5.03 kuna per share, compared to a loss of 4.7 million kuna, or a loss of 1.57 kuna per share, in the prior-year period.

As of April 30, US$1 was equivalent to 6.75 kuna.