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Tovarna olja Gea d.d. swings to loss in Q3

Tovarna olja Gea d.d. said its third-quarter normalized net income was a loss of 10 euro cents per share, compared with 22 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 a loss of €134,270, compared with income of €267,440 in the prior-year period.

The normalized profit margin fell to negative 2.0% from 3.0% in the year-earlier period.

Total revenue fell 23.8% year over year to €6.7 million from €8.9 million, and total operating expenses fell 17.7% from the prior-year period to €7.0 million from €8.4 million.

Reported net income came to a loss of €214,990, or a loss of 17 cents per share, compared to income of €356,590, or 29 cents per share, in the year-earlier period.