Joint stock Co. Grobina said its normalized net income for the second quarter amounted to a loss of €1.60 per share, compared with a loss of 78 cents 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 €801,460, compared with a loss of €390,090 in the year-earlier period.

The normalized profit margin declined to negative 113.3% from negative 19.4% in the year-earlier period.

Total revenue declined 64.8% on an annual basis to €707,560 from €2.0 million, and total operating expenses declined 22.0% from the prior-year period to €1.9 million from €2.5 million.

Reported net income came to a loss of €1.3 million, or a loss of €2.56 per share, compared to a loss of €624,150, or a loss of €1.24 per share, in the prior-year period.