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Points Of No Return: Loyalty Ventures Inc.’s Financial Tailspin swings to loss in Q1 Spólka Akcyjna said its normalized net income for the first quarter was a loss of 47,510 zlotys, compared with income of 17,770 zlotys in the year-earlier period.

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

The normalized profit margin fell to negative 0.2% from 0.7% in the year-earlier period.

Total revenue rose on an annual basis to 114.7 million zlotys from 2.7 million zlotys, and total operating expenses grew year over year to 114.9 million zlotys from 2.6 million zlotys.

Reported net income totaled a loss of 76,020 zlotys, or a loss of 0 groszy per share, compared to income of 36,430 zlotys, or 0 groszy per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 3.85 zlotys.