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North Coast SA swings to loss in Q1

North Coast SA said its normalized net income for the first quarter was a loss of 1 groszy per share, compared with 12 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 a loss of 34,000 zlotys, compared with income of 375,000 zlotys in the prior-year period.

The normalized profit margin fell to negative 0.1% from 1.1% in the year-earlier period.

Total revenue rose 7.4% year over year to 36.1 million zlotys from 33.6 million zlotys, and total operating expenses rose 5.3% year over year to 36.4 million zlotys from 34.6 million zlotys.

Reported net income totaled a loss of 211,000 zlotys, or a loss of 7 groszy per share, compared to income of 2,000 zlotys, or 0 groszy per share, in the prior-year period.

As of May 13, US$1 was equivalent to 3.90 zlotys.