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Feronia swings to profit in Q1

Feronia Inc. said its normalized net income for the first quarter was 3 cents per share, compared with a loss of 1 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.6 million, compared with a loss of $694,480 in the prior-year period.

The normalized profit margin increased to 42.7% from negative 27.9% in the year-earlier period.

Total revenue climbed 59.1% on an annual basis to $4.0 million from $2.5 million, and total operating expenses grew 47.4% on an annual basis to $9.1 million from $6.2 million.

Reported net income came to $1.7 million, or 3 cents per share, compared to a loss of $1.7 million, or a loss of 3 cents per share, in the year-earlier period.