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Nafpaktos Textile Industry swings to loss in Q4

Nafpaktos Textile Industry SA said its normalized net income for the fourth quarter amounted to a loss of €78,200, compared with income of €127,710 in the prior-year period.

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

The normalized profit margin dropped to negative 2.6% from 2.4% in the year-earlier period.

Total revenue fell 41.9% on an annual basis to €3.1 million from €5.4 million, and total operating expenses fell 32.8% year over year to €3.3 million from €5.0 million.

Reported net income totaled a loss of €122,190, or a loss of 1 cents per share, compared to income of €162,700, or 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 4 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was a loss of €433,930, compared with a loss of €367,250 in the prior year.

Full-year total revenue grew from the prior-year period to €8.4 million from €8.1 million, and total operating expenses increased 8.5% on an annual basis to €9.2 million from €8.5 million.

The company said reported net income came to a loss of €737,670, or a loss of 6 cents per share, in the full year, compared with a loss of €591,500, or a loss of 5 cents per share, the prior year.