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Linas Agro fiscal Q1 profit falls YOY

AB Linas Agro Group said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 1.5 million litas, a decline of 47.4% from 2.9 million litas in the year-earlier period.

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

The normalized profit margin declined to 1.2% from 2.3% in the year-earlier period.

Total revenue totaled 130.9 million litas, compared with 130.4 million litas in the prior-year period, and total operating expenses grew from the prior-year period to 127.5 million litas from 125.5 million litas.

Reported net income decreased 68.9% on an annual basis to 2.0 million litas, or 1 centг per share, from 6.4 million litas, or 4 centг per share.

As of Nov. 28, US$1 was equivalent to 2.77 litas.