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BG Agro AD swings to profit in Q3

BG Agro AD said its third-quarter normalized net income amounted to 1.3 million leva, compared with a loss of 313,130 leva 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 2.4% from negative 0.6% in the year-earlier period.

Total revenue declined 10.2% on an annual basis to 49.5 million leva from 55.2 million leva, and total operating expenses fell 13.8% from the prior-year period to 47.4 million leva from 55.0 million leva.

Reported net income came to 2.0 million leva, or 5 stotinki per share, compared to a loss of 501,000 leva, or a loss of 1 stotinki per share, in the year-earlier period.

As of Nov. 17, US$1 was equivalent to 1.83 leva.