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ÂŽItnjak Q2 profit falls YOY

Žitnjak proizvodnja i promet robom d.d. said its normalized net income for the second quarter amounted to 1.90 kuna per share, a decrease of 58.6% from 4.59 kuna per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 390,650 kuna, a decline of 58.6% from 944,650 kuna in the prior-year period.

The normalized profit margin fell to 6.5% from 7.6% in the year-earlier period.

Total revenue decreased 51.5% year over year to 6.0 million kuna from 12.5 million kuna, and total operating expenses fell 46.5% on an annual basis to 6.2 million kuna from 11.6 million kuna.

Reported net income declined 58.6% on an annual basis to 625,040 kuna, or 3.04 kuna per share, from 1.5 million kuna, or 7.35 kuna per share.

As of July 17, US$1 was equivalent to 7.00 kuna.