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Lavena Q1 profit falls YOY

Lavena AD said its normalized net income for the first quarter came to 26 stotinki per share, a decline of 36.9% from 42 stotinki per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 70,630 leva, a decline of 36.9% from 111,880 leva in the year-earlier period.

The normalized profit margin fell to 2.3% from 4.2% in the year-earlier period.

Total revenue climbed 17.3% year over year to 3.1 million leva from 2.7 million leva, and total operating expenses increased 19.9% from the prior-year period to 2.8 million leva from 2.4 million leva.

Reported net income decreased 37.0% year over year to 102,000 leva, or 38 stotinki per share, from 162,000 leva, or 61 stotinki per share.

As of May 30, US$1 was equivalent to 1.76 leva.