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BG Agro AD Q2 loss widens YOY

BG Agro AD said its normalized net income for the second quarter was a loss of 698,130 leva, compared with a loss of 303,130 leva in the prior-year period.

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

The normalized profit margin dropped to negative 9.2% from negative 2.7% in the year-earlier period.

Total revenue fell 32.0% year over year to 7.6 million leva from 11.1 million leva, and total operating expenses decreased 23.0% year over year to 8.9 million leva from 11.6 million leva.

Reported net income totaled a loss of 1.1 million leva, or a loss of 3 stotinki per share, compared to a loss of 485,000 leva, or a loss of 1 stotinki per share, in the prior-year period.

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