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Prehrambeno Industrijski Kombinat swings to loss in Q2

Prehrambeno Industrijski Kombinat d.d. said its second-quarter normalized net income came to 664,750 kuna, compared with income of 353,070 kuna 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 negative 2.0% from 0.9% in the year-earlier period.

Total revenue declined 15.2% on an annual basis to 32.4 million kuna from 38.2 million kuna, and total operating expenses fell 10.9% year over year to 33.2 million kuna from 37.3 million kuna.

Reported net income came to a loss of 1.1 million kuna, compared with income of 531,300 kuna in the year-earlier period.

As of July 29, US$1 was equivalent to 6.69 kuna.