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Tovarna olja Gea d.d. swings to loss in Q2

Tovarna olja Gea d.d. said its second-quarter normalized net income was a loss of €9,190, compared with income of €55,110 in the year-earlier period.

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

The normalized profit margin dropped to negative 0.2% from 0.9% in the year-earlier period.

Total revenue declined year over year to €6.1 million from €6.2 million, and total operating expenses totaled €6.1 million, compared with €6.2 million in the prior-year period.

Reported net income came to a loss of €14,700, or a loss of 1 cents per share, compared to income of €88,180, or 8 cents per share, in the prior-year period.