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Ovostar Union Q3 profit falls YOY

Ovostar Union NV said its third-quarter normalized net income was 30 cents per share, a decrease of 48.1% from 57 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 $1.8 million, a decrease of 48.1% from $3.4 million in the year-earlier period.

The normalized profit margin declined to 9.3% from 17.9% in the year-earlier period.

Total revenue came to $19.2 million, compared with $19.3 million in the prior-year period, and total operating expenses climbed 37.7% year over year to $16.5 million from $12.0 million.

Reported net income declined 49.3% year over year to $3.1 million, or 52 cents per share, from $6.1 million, or $1.02 per share.