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Varteks Q2 loss widens YOY

Varteks d.d. said its normalized net income for the second quarter amounted to 2.4 million kuna, compared with a loss of 848,480 kuna in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 4.9% from negative 1.4% in the year-earlier period.

Total revenue decreased 17.8% on an annual basis to 50.2 million kuna from 61.1 million kuna, and total operating expenses fell 14.8% on an annual basis to 52.4 million kuna from 61.4 million kuna.

Reported net income came to a loss of 3.9 million kuna, compared with a loss of 1.4 million kuna in the year-earlier period.

As of Aug. 1, US$1 was equivalent to 6.70 kuna.