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Cereal Planet Q1 profit falls YOY

Cereal Planet PLC said its normalized net income for the first quarter came to 15 euro cents per share, a decrease of 81.4% from 80 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 €266,880, a decrease of 81.4% from €1.4 million in the prior-year period.

The normalized profit margin declined to 6.1% from 20.1% in the year-earlier period.

Total revenue decreased 39.0% year over year to €4.3 million from €7.1 million, and total operating expenses declined 9.1% from the prior-year period to €4.3 million from €4.7 million.

Reported net income declined 81.7% on an annual basis to €417,000, or 23 cents per share, from €2.3 million, or €1.28 per share.