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Albena AD Q2 loss widens 24.8% YOY

Albena AD said its second-quarter normalized net income was a loss of 1.47 leva per share, compared with a loss of 1.18 leva 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 6.1 million leva, compared with a loss of 4.9 million leva in the prior-year period.

The normalized profit margin increased to negative 34.9% from negative 35.4% in the year-earlier period.

Total revenue increased 16.2% on an annual basis to 16.1 million leva from 13.8 million leva, and total operating expenses climbed 23.3% year over year to 25.3 million leva from 20.5 million leva.

Reported net income totaled a loss of 10.9 million leva, or a loss of 2.62 leva per share, compared to a loss of 7.8 million leva, or a loss of 1.88 leva per share, in the prior-year period.

As of Aug. 30, US$1 was equivalent to 1.75 leva.