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Ovostar Union Q3 profit falls YOY

Ovostar Union NV said its normalized net income for the third quarter amounted to 58 cents per share, a decrease of 12.1% from 65 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 $3.5 million, a decrease of 12.1% from $3.9 million in the year-earlier period.

The normalized profit margin fell to 17.9% from 21.6% in the year-earlier period.

Total revenue rose 6.1% year over year to $19.3 million from $18.2 million, and total operating expenses declined on an annual basis to $11.9 million from $12.5 million.

Reported net income decreased 18.1% year over year to $6.1 million, or $1.02 per share, from $7.5 million, or $1.25 per share.