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Grobina swings to loss in Q3

Joint stock Co. Grobina said its third-quarter normalized net income came to a loss of 72 euro cents per share, compared with 35 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 €360,680, compared with income of €176,140 in the year-earlier period.

The normalized profit margin dropped to negative 123.9% from 54.7% in the year-earlier period.

Total revenue decreased 9.6% on an annual basis to €291,130 from €321,970.

Reported net income came to a loss of €577,080, or a loss of €1.15 per share, compared to income of €281,830, or 56 cents per share, in the year-earlier period.