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Parken Sport & Entertainment swings to loss in Q4

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Parken Sport & Entertainment swings to loss in Q4

Parken Sport & Entertainment A/S said its normalized net income for the fourth quarter came to a loss of 1.59 Danish kroner per share, compared with 4 øre 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 15.1 million kroner, compared with income of 423,750 kroner in the year-earlier period.

The normalized profit margin declined to negative 5.8% from 0.2% in the year-earlier period.

Total revenue decreased year over year to 259.5 million kroner from 269.3 million kroner, and total operating expenses climbed 6.1% from the prior-year period to 272.0 million kroner from 256.2 million kroner.

Reported net income came to a loss of 8.2 million kroner, or a loss of 87 øre per share, compared to a loss of 19.6 million kroner, or a loss of 2.09 kroner per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 3.72 kroner per share, compared with 2.16 kroner per share in the prior year.

Normalized net income was a loss of 36.4 million kroner, compared with income of 21.1 million kroner in the prior year.

Full-year total revenue decreased on an annual basis to 1.09 billion kroner from 1.12 billion kroner, and total operating expenses grew 5.7% on an annual basis to 1.10 billion kroner from 1.04 billion kroner.

The company said reported net income came to a loss of 34.4 million kroner, or a loss of 3.52 kroner per share, in the full year, compared with income of 6.7 million kroner, or 69 øre per share, the prior year.

As of March 14, US$1 was equivalent to 6.71 Danish kroner.