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PRFoods swings to profit in Q4

AS PRFoods said its fourth-quarter normalized net income amounted to €432,500, compared with a loss of €781,250 in the prior-year period.

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

The normalized profit margin increased to 2.5% from negative 5.4% in the year-earlier period.

Total revenue rose 19.7% year over year to €17.2 million from €14.3 million, and total operating expenses grew 7.5% on an annual basis to €16.5 million from €15.4 million.

Reported net income totaled €833,500, or 1 cents per share, compared to a loss of €1.3 million, or a loss of 3 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was €627,500, compared with a loss of €1.4 million in the prior year.

Full-year total revenue increased 9.6% on an annual basis to €50.3 million from €45.9 million, and total operating expenses grew on an annual basis to €49.5 million from €47.3 million.

The company said reported net income totaled €1.2 million, or 3 cents per share, in the full year, compared with a loss of €1.5 million, or a loss of 4 cents per share, the prior year.