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Cereal Planet swings to loss in Q3

Cereal Planet PLC said its normalized net income for the third quarter came to a loss of 46 euro cents per share, compared with 4 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 a loss of €814,380, compared with income of €64,380 in the prior-year period.

The normalized profit margin declined to negative 11.2% from 1.4% in the year-earlier period.

Total revenue climbed 62.2% year over year to €7.3 million from €4.5 million, and total operating expenses grew 32.1% year over year to €7.3 million from €5.6 million.

Reported net income totaled a loss of €1.3 million, or a loss of 73 cents per share, compared to income of €103,000, or 6 cents per share, in the prior-year period.