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Milkpol swings to profit in Q1

Milkpol SA said its normalized net income for the first quarter amounted to 2 groszy per share, compared with a loss of 2 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 193,590 zlotys, compared with a loss of 185,820 zlotys in the year-earlier period.

The normalized profit margin increased to 3.7% from negative 3.0% in the year-earlier period.

Total revenue declined 16.2% year over year to 5.2 million zlotys from 6.2 million zlotys, and total operating expenses declined 24.8% from the prior-year period to 4.9 million zlotys from 6.5 million zlotys.

Reported net income came to 267,660 zlotys, or 2 groszy per share, compared to a loss of 274,230 zlotys, or a loss of 2 groszy per share, in the prior-year period.

As of May 15, US$1 was equivalent to 3.54 zlotys.