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Village Farms International swings to loss in Q2

Village Farms International Inc. said its normalized net income for the second quarter was a loss of 2 cents per share, compared with 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $690,630, compared with income of $731,880 in the prior-year period.

The normalized profit margin dropped to negative 1.6% from 1.8% in the year-earlier period.

Total revenue climbed 7.8% on an annual basis to $44.4 million from $41.2 million, and total operating expenses increased 13.8% on an annual basis to $44.9 million from $39.5 million.

Reported net income came to a loss of $787,500, or a loss of 2 cents per share, compared to income of $776,420, or 2 cents per share, in the year-earlier period.