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HB Grandi swings to profit in Q4

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HB Grandi swings to profit in Q4

HB Grandi hf. said its normalized net income for the fourth quarter came to €2.1 million, compared with a loss of €546,000 in the year-earlier period.

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

The normalized profit margin climbed to 3.6% from negative 0.9% in the year-earlier period.

Total revenue totaled €58.9 million, compared with €59.3 million in the prior-year period, and total operating expenses decreased 7.2% year over year to €54.6 million from €58.9 million.

Reported net income increased year over year to €13.3 million, or 1 cents per share, from €5.7 million, or 0 cents per share.

For the year, the company's normalized net income totaled 1 cents per share, a gain of 11.4% from 1 cents per share in the prior year.

Normalized net income was €25.8 million, a gain of 11.5% from €23.2 million in the prior year.

Full-year total revenue rose on an annual basis to €225.5 million from €214.9 million, and total operating expenses came to €179.3 million, compared with €178.4 million in the prior-year period.

The company said reported net income increased 24.6% year over year to €44.5 million, or 2 cents per share, in the full year, from €35.7 million, or 2 cents per share.