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Karamolengos Bakery Industry swings to loss in H1

Karamolengos Bakery Industry S.A. said its normalized net income for the first half was a loss of 33 euro cents per share, compared with 5 cents 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 €3.2 million, compared with income of €465,360 in the prior-year period.

Total revenue totaled €38.6 million, compared with €38.5 million in the year-earlier period, and total operating expenses grew 16.3% on an annual basis to €41.4 million from €35.6 million.

Reported net income came to a loss of €3.6 million, or a loss of 37 cents per share, compared to income of €524,630, or 5 cents per share, in the year-earlier period.