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Hagar hf fiscal Q1 profit climbs 12.2% YOY

Hagar hf said its normalized net income for the fiscal first quarter ended May 31 was 63 aurar per share, a gain of 12.7% from 55 aurar per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 733.8 million kronur, a gain of 12.2% from 653.8 million kronur in the year-earlier period.

The normalized profit margin rose to 3.9% from 3.6% in the year-earlier period.

Total revenue rose on an annual basis to 18.89 billion kronur from 18.38 billion kronur, and total operating expenses rose from the prior-year period to 17.65 billion kronur from 17.21 billion kronur.

Reported net income increased 12.2% from the prior-year period to 939.0 million kronur, or 80 aurar per share, from 837.0 million kronur, or 71 aurar per share.

As of June 27, US$1 was equivalent to 113.38 Icelandic kronur.