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Estoril Sol swings to profit in Q2

Estoril Sol SGPS S.A. said its normalized net income for the second quarter amounted to 3 euro cents per share, compared with a loss of 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €404,310, compared with a loss of €1.0 million in the year-earlier period.

The normalized profit margin increased to 0.2% from negative 2.4% in the year-earlier period.

Total revenue climbed 10.2% year over year to €46.3 million from €42.0 million, and total operating expenses climbed 6.1% year over year to €44.4 million from €41.8 million.

Reported net income came to €106,260, or 1 cents per share, compared to a loss of €1.6 million, or a loss of 14 cents per share, in the year-earlier period.