Prehrambeno Industrijski Kombinat d.d. said its normalized net income for the third quarter came to 949,700 kuna, compared with income of 67,060 kuna in the year-earlier period.

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

The normalized profit margin dropped to negative 2.7% from 0.2% in the year-earlier period.

Total revenue decreased 13.4% on an annual basis to 35.4 million kuna from 40.8 million kuna, and total operating expenses fell 9.6% year over year to 36.2 million kuna from 40.0 million kuna.

Reported net income totaled a loss of 1.5 million kuna, compared with income of 140,910 kuna in the prior-year period.

As of Oct. 28, US$1 was equivalent to 6.87 kuna.