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Philippos Nakas swings to loss in fiscal Q1

Philippos Nakas SA said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of €51,270, compared with income of €20,230 in the year-earlier period.

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

The normalized profit margin dropped to negative 1.6% from 0.5% in the year-earlier period.

Total revenue decreased 21.2% on an annual basis to €3.3 million from €4.2 million, and total operating expenses fell 18.8% from the prior-year period to €3.3 million from €4.1 million.

Reported net income totaled a loss of €125,150, or a loss of 2 cents per share, compared to income of €25,180, or 0 cents per share, in the year-earlier period.