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Kutjevo swings to loss in Q2

Kutjevo d.d. said its second-quarter normalized net income amounted to 6,020 kuna, compared with income of 200,910 kuna in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.0% from 0.3% in the year-earlier period.

Total revenue fell 6.8% on an annual basis to 72.0 million kuna from 77.2 million kuna, and total operating expenses declined 6.8% on an annual basis to 70.0 million kuna from 75.1 million kuna.

Reported net income totaled a loss of 34,470 kuna, compared with income of 294,720 kuna in the prior-year period.

As of Aug. 8, US$1 was equivalent to 6.75 kuna.