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I.Kloukinas-I.Lappas swings to profit in H1

I.Kloukinas-I.Lappas S.A. said its first-half normalized net income came to €369,190, compared with a loss of €420,020 in the year-earlier period.

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

Total revenue declined on an annual basis to €14.8 million from €15.3 million, and total operating expenses declined 10.4% from the prior-year period to €13.9 million from €15.5 million.

Reported net income came to €593,040, or 1 cents per share, compared to a loss of €718,190, or a loss of 2 cents per share, in the year-earlier period.