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Société des Bains de Mer fiscal H2 loss widens 89.7% YOY

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco said its normalized net income for the fiscal second half ended March 31 amounted to a loss of €2.36 per share, compared with a loss of €1.26 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €43.5 million, compared with a loss of €22.9 million in the prior-year period.

Total revenue fell 15.1% year over year to €138.5 million from €163.1 million, and total operating expenses increased year over year to €208.5 million from €198.9 million.

Reported net income came to a loss of €70.7 million, or a loss of €3.84 per share, compared to a loss of €42.7 million, or a loss of €2.35 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 85 cents per share, compared with a loss of 33 cents per share in the prior year.

Normalized net income was a loss of €15.6 million, compared with a loss of €6.0 million in the prior year.

Full-year total revenue declined year over year to €452.4 million from €472.5 million, and total operating expenses came to €479.9 million, compared with €478.2 million in the year-earlier period.

The company said reported net income declined 41.8% year over year to €10.0 million, or 55 cents per share, in the full year, from €17.3 million, or 95 cents per share.