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Agrokasa Holdings swings to loss in Q1

Agrokasa Holdings SA said its first-quarter normalized net income was a loss of $1.9 million, compared with income of $296,250 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 34.5% from 5.0% in the year-earlier period.

Total revenue fell year over year to $5.6 million from $5.9 million, and total operating expenses rose 13.5% on an annual basis to $5.6 million from $4.9 million.

Reported net income came to a loss of $3.2 million, or a loss of 5 cents per share, compared to income of $747,000, or 1 cents per share, in the prior-year period.