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Viro Tvornica Secera swings to profit in Q1

Viro Tvornica Secera d.d. said its first-quarter normalized net income amounted to 5.9 million kuna, compared with a loss of 7.1 million kuna in the year-earlier period.

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

The normalized profit margin rose to 2.9% from negative 4.0% in the year-earlier period.

Total revenue climbed 12.7% on an annual basis to 201.3 million kuna from 178.6 million kuna, and total operating expenses increased year over year to 187.9 million kuna from 183.5 million kuna.

Reported net income totaled 9.4 million kuna, compared with a loss of 11.4 million kuna in the year-earlier period.

As of April 29, US$1 was equivalent to 6.78 kuna.