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Groupe Bruxelles Lambert swings to profit in Q2

Groupe Bruxelles Lambert SA said its second-quarter normalized net income amounted to €1.03 per share, compared with a loss of €4.32 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €165.4 million, compared with a loss of €670.7 million in the prior-year period.

The normalized profit margin was 11.8%.

Total revenue climbed 4,513.2% year over year to €1.40 billion from €30.4 million, and total operating expenses rose on an annual basis to €1.05 billion from €1.00 billion.

Reported net income rose 627.5% on an annual basis to €251.7 million, or €1.55 per share, from €34.6 million, or 22 cents per share.