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Qumak swings to loss in Q1

Qumak SA said its normalized net income for the first quarter amounted to a loss of 39 groszy per share, compared with 18 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.1 million zlotys, compared with income of 1.8 million zlotys in the year-earlier period.

The normalized profit margin declined to negative 5.5% from 1.7% in the year-earlier period.

Total revenue decreased 29.4% on an annual basis to 75.1 million zlotys from 106.3 million zlotys, and total operating expenses fell 20.4% year over year to 81.9 million zlotys from 102.8 million zlotys.

Reported net income came to a loss of 7.0 million zlotys, or a loss of 67 groszy per share, compared to income of 2.6 million zlotys, or 25 groszy per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 3.87 zlotys.