Kutjevo d.d. said its third-quarter normalized net income came to 2.8 million kuna, a gain of 53.2% from 1.8 million kuna in the prior-year period.

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

The normalized profit margin climbed to 3.7% from 2.2% in the year-earlier period.

Total revenue decreased 10.6% on an annual basis to 75.2 million kuna from 84.2 million kuna, and total operating expenses fell 12.8% on an annual basis to 69.3 million kuna from 79.5 million kuna.

Reported net income totaled 4.6 million kuna, compared with 3.0 million kuna in the year-earlier period.

As of Nov. 4, US$1 was equivalent to 6.75 kuna.