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Invermar swings to profit in Q2

Invermar S.A. said its second-quarter normalized net income was $644,380, compared with a loss of $6.4 million in the prior-year period.

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

The normalized profit margin increased to negative 1.3% from negative 55.9% in the year-earlier period.

Total revenue increased year over year to $38.3 million from $11.5 million, and total operating expenses grew year over year to $36.6 million from $17.8 million.

Reported net income decreased 83.7% from the prior-year period to $684,000, or 0 cents per share, from $4.2 million, or 1 cents per share.