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Adriatic Croatia International Club Q1 loss narrows YOY

Adriatic Croatia International Club d.d. said its normalized net income for the first quarter amounted to a loss of 14.84 kuna per share, compared with a loss of 19.44 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 1.6 million kuna, compared with a loss of 2.2 million kuna in the year-earlier period.

The normalized profit margin climbed to negative 6.1% from negative 7.7% in the year-earlier period.

Total revenue fell on an annual basis to 27.2 million kuna from 28.2 million kuna, and total operating expenses declined from the prior-year period to 34.0 million kuna from 35.5 million kuna.

Reported net income came to a loss of 2.6 million kuna, or a loss of 23.74 kuna per share, compared to a loss of 3.5 million kuna, or a loss of 31.10 kuna per share, in the year-earlier period.

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