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FC do Porto swings to loss in fiscal Q3

Futebol Clube do Porto - Futebol SAD. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 56 euro cents per share, compared with 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €12.5 million, compared with income of €455,480 in the year-earlier period.

The normalized profit margin declined to negative 85.7% from 2.3% in the year-earlier period.

Total revenue fell 27.1% on an annual basis to €14.6 million from €20.1 million, and total operating expenses climbed 99.1% year over year to €30.2 million from €15.2 million.

Reported net income totaled a loss of €20.3 million, or a loss of 90 cents per share, compared to income of €553,050, or 2 cents per share, in the prior-year period.