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Podravka swings to profit in Q1

Podravka d.d. said its first-quarter normalized net income came to 4.29 kuna per share, compared with a loss of 4.28 kuna per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.5 million kuna, compared with a loss of 22.4 million kuna in the prior-year period.

The normalized profit margin increased to 5.0% from negative 3.0% in the year-earlier period.

Total revenue climbed year over year to 783.9 million kuna from 748.7 million kuna, and total operating expenses fell year over year to 738.2 million kuna from 774.1 million kuna.

Reported net income came to 59.8 million kuna, or 11.42 kuna per share, compared to a loss of 36.2 million kuna, or a loss of 6.91 kuna per share, in the prior-year period.

As of April 30, US$1 was equivalent to 6.75 kuna.