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Cereal Planet swings to profit in Q1

Cereal Planet PLC said its first-quarter normalized net income was 80 euro cents per share, compared with a loss of 1 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 €1.4 million, compared with a loss of €25,000 in the prior-year period.

The normalized profit margin increased to 20.1% from negative 0.5% in the year-earlier period.

Total revenue increased 39.5% on an annual basis to €7.1 million from €5.1 million, and total operating expenses totaled €4.7 million, compared with €4.8 million in the prior-year period.

Reported net income came to €2.3 million, or €1.28 per share, compared to a loss of €103,000, or a loss of 6 cents per share, in the year-earlier period.