AS Baltika said its normalized net income for the third quarter was a loss of €185,000, compared with a loss of €325,000 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 1.5% from negative 2.7% in the year-earlier period.

Total revenue came to €12.0 million, compared with €12.0 million in the prior-year period, and total operating expenses fell year over year to €12.1 million from €12.4 million.

Reported net income came to a loss of €296,000, or a loss of 1 cents per share, compared to a loss of €520,000, or a loss of 1 cents per share, in the year-earlier period.