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Tovarna olja Gea d.d. swings to profit in Q4

Tovarna olja Gea d.d. said its normalized net income for the fourth quarter amounted to 12 euro cents per share, compared with a loss of 9 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 €134,650, compared with a loss of €108,360 in the prior-year period.

The normalized profit margin rose to 1.9% from negative 1.7% in the year-earlier period.

Total revenue grew 12.2% on an annual basis to €7.0 million from €6.2 million, and total operating expenses increased 5.8% on an annual basis to €6.8 million from €6.4 million.

Reported net income came to €222,590, or 20 cents per share, compared to a loss of €196,390, or a loss of 16 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 cents per share, a decrease of 93.0% from 22 cents per share in the prior year.

Normalized net income was €18,660, a fall of 93.0% from €264,710 in the prior year.

Full-year total revenue decreased 6.4% from the prior-year period to €25.5 million from €27.3 million, and total operating expenses decreased year over year to €25.6 million from €26.9 million.

The company said reported net income fell 84.6% on an annual basis to €36,250, or 3 cents per share, in the full year, from €235,000, or 19 cents per share.