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Prehrambeno Industrijski Kombinat swings to loss in Q3

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.