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SC Ves Q2 profit climbs YOY

S.C. Ves SA said its normalized net income for the second quarter came to 972,920 lei, an increase from 17,810 lei 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 11.4% from 0.3% in the year-earlier period.

Total revenue rose 31.1% year over year to 8.4 million lei from 6.4 million lei, and total operating expenses rose 5.4% from the prior-year period to 6.8 million lei from 6.4 million lei.

Reported net income grew from the prior-year period to 1.6 million lei, or 1 bani per share, from 28,500 lei, or 0 bani per share.

As of Aug. 12, US$1 was equivalent to 3.99 Romanian lei.