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Feronia swings to loss in Q2

Feronia Inc. said its normalized net income for the second quarter amounted to a loss of $1.7 million, compared with income of $2.3 million 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 42.3% from 65.2% in the year-earlier period.

Total revenue grew 12.7% on an annual basis to $3.9 million from $3.5 million, and total operating expenses fell year over year to $4.9 million from $5.0 million.

Reported net income totaled a loss of $3.1 million, or a loss of 1 cents per share, compared to income of $989,340, or 1 cents per share, in the year-earlier period.