Village Farms International Inc. said its normalized net income for the third quarter came to a loss of $1.2 million, compared with a loss of $213,130 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 2.9% from negative 0.6% in the year-earlier period.
Total revenue increased 11.1% year over year to $42.0 million from $37.9 million, and total operating expenses rose 14.9% year over year to $43.3 million from $37.6 million.
Reported net income totaled a loss of $1.6 million, or a loss of 4 cents per share, compared to a loss of $387,850, or a loss of 1 cents per share, in the year-earlier period.