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Termes Grupa swings to loss in Q1

Termes Grupa d.d. said its normalized net income for the first quarter was a loss of 5.83 kuna per share, compared with 1.26 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 a loss of 8.0 million kuna, compared with income of 1.7 million kuna in the year-earlier period.

The normalized profit margin dropped to negative 8.3% from 1.6% in the year-earlier period.

Total revenue decreased 9.5% on an annual basis to 96.2 million kuna from 106.4 million kuna, and total operating expenses climbed on an annual basis to 102.8 million kuna from 98.3 million kuna.

Reported net income totaled a loss of 12.8 million kuna, or a loss of 9.32 kuna per share, compared to income of 2.8 million kuna, or 2.02 kuna per share, in the prior-year period.

As of April 30, US$1 was equivalent to 6.75 kuna.