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Tovarna olja Gea d.d. swings to profit in Q1

Tovarna olja Gea d.d. said its first-quarter normalized net income came to 3 euro cents per share, compared with a loss of 3 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 €30,910, compared with a loss of €36,830 in the year-earlier period.

The normalized profit margin increased to 0.5% from negative 0.7% in the year-earlier period.

Total revenue came to €5.6 million, compared with €5.6 million in the prior-year period, and total operating expenses declined from the prior-year period to €5.6 million from €5.8 million.

Reported net income came to €49,450, or 4 cents per share, compared to a loss of €59,530, or a loss of 5 cents per share, in the year-earlier period.