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Kurzemes CMAS Q1 profit falls YOY

AS Kurzemes Ciltslietu un Maksligas Apseklosanas Stacija said its normalized net income for the first quarter came to 1 euro cents per share, a decline of 82.2% from 8 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 €13,490, a decrease of 60.9% from €34,500 in the year-earlier period.

The normalized profit margin dropped to 6.0% from 11.9% in the year-earlier period.

Total revenue declined 24.0% year over year to €220,820 from €290,430, and total operating expenses decreased 15.3% on an annual basis to €199,540 from €235,610.

Reported net income fell 61.7% on an annual basis to €21,790, or 2 cents per share, from €56,910, or 13 cents per share.