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Ginger Beef swings to profit in Q1

Ginger Beef Corp. said its first-quarter normalized net income was C$51,580, compared with a loss of C$16,290 in the prior-year period.

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

The normalized profit margin rose to 4.3% from negative 1.5% in the year-earlier period.

Total revenue grew 7.5% year over year to C$1.2 million from C$1.1 million, and total operating expenses fell from the prior-year period to C$1.2 million from C$1.2 million.

Reported net income totaled C$82,520, or 1 cents per share, compared to a loss of C$26,060, or a loss of 0 cents per share, in the prior-year period.