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Harboes Bryggeri swings to profit in fiscal Q3

Harboes Bryggeri A/S said its normalized net income for the fiscal third quarter ended Jan. 31 was 38 Danish øre per share, compared with the S&P Capital IQ consensus estimate of 40 øre per share.

The per-share result swung to a profit from the prior-year loss of 73 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.8 million kroner, compared with a loss of 4.0 million kroner in the prior-year period.

The normalized profit margin climbed to 0.6% from negative 1.3% in the year-earlier period.

Total revenue fell year over year to 304.4 million kroner from 318.1 million kroner, and total operating expenses declined 7.0% from the prior-year period to 299.9 million kroner from 322.5 million kroner.

Reported net income came to 2.1 million kroner, or 44 øre per share, compared to a loss of 4.8 million kroner, or a loss of 87 øre per share, in the prior-year period.

As of March 19, US$1 was equivalent to 7.01 Danish kroner.