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HB Grandi Q2 profit falls YOY

HB Grandi hf. said its second-quarter normalized net income amounted to €4.6 million, a fall of 18.0% from €5.6 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 9.0% from 9.8% in the year-earlier period.

Total revenue decreased 10.1% year over year to €51.3 million from €57.1 million, and total operating expenses rose from the prior-year period to €46.5 million from €45.7 million.

Reported net income fell 16.5% from the prior-year period to €6.9 million, or 0 cents per share, from €8.2 million, or 0 cents per share.