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Linas Agro fiscal Q2 loss narrows YOY

AB Linas Agro Group said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 246,750 litas, compared with a loss of 3.1 million litas in the year-earlier period.

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

The normalized profit margin increased to negative 0.1% from negative 2.0% in the year-earlier period.

Total revenue grew 12.6% year over year to 180.0 million litas from 159.9 million litas, and total operating expenses rose 11.6% year over year to 179.8 million litas from 161.1 million litas.

Reported net income came to a loss of 266,610 litas, or a loss of 0 centг per share, compared to income of 1.8 million litas, or 3 centг per share, in the prior-year period.

As of Feb. 27, US$1 was equivalent to 2.93 litas.