Village Farms International Inc. said its normalized net income for the third quarter amounted to a loss of 2 cents per share, compared with a loss of 3 cents 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 $806,250, compared with a loss of $1.2 million in the prior-year period.
The normalized profit margin climbed to negative 1.8% from negative 2.9% in the year-earlier period.
Total revenue grew 6.4% on an annual basis to $44.7 million from $42.0 million, and total operating expenses grew on an annual basis to $45.2 million from $43.3 million.
Reported net income came to $400,640, or 1 cents per share, compared to a loss of $1.6 million, or a loss of 4 cents per share, in the year-earlier period.