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FirstFarms swings to loss in Q3

FirstFarms A/S said its normalized net income for the third quarter was a loss of 1.54 Danish kroner per share, compared with 93 øre per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.2 million kroner, compared with income of 4.4 million kroner in the prior-year period.

The normalized profit margin fell to 0.5% from 6.6% in the year-earlier period.

Total revenue declined 42.3% on an annual basis to 38.6 million kroner from 66.8 million kroner, and total operating expenses declined 17.2% year over year to 48.2 million kroner from 58.2 million kroner.

Reported net income came to a loss of 9.0 million kroner, or a loss of 1.92 kroner per share, compared to income of 5.6 million kroner, or 1.20 kroner per share, in the prior-year period.

As of Nov. 26, US$1 was equivalent to 7.03 Danish kroner.