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Hetan Technologies swings to profit in Q1

Hetan Technologies S.A. said its first-quarter normalized net income was 5,580 zlotys, compared with a loss of 94,410 zlotys 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 8.4% from negative 37.9% in the year-earlier period.

Total revenue declined 73.2% year over year to 66,740 zlotys from 249,330 zlotys, and total operating expenses declined 88.7% year over year to 45,220 zlotys from 398,840 zlotys.

Reported net income came to 100,590 zlotys, or 0 groszy per share, compared to a loss of 151,050 zlotys in the year-earlier period.

As of June 6, US$1 was equivalent to 3.84 zlotys.