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Sevenet swings to loss in fiscal Q3

Sevenet SA said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 8 groszy per share, compared with 13 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 595,500 zlotys, compared with income of 917,940 zlotys in the year-earlier period.

The normalized profit margin fell to negative 4.5% from 4.1% in the year-earlier period.

Total revenue fell 40.6% on an annual basis to 13.3 million zlotys from 22.4 million zlotys, and total operating expenses decreased 30.2% year over year to 14.4 million zlotys from 20.7 million zlotys.

Reported net income came to a loss of 1.2 million zlotys, or a loss of 17 groszy per share, compared to income of 1.5 million zlotys, or 22 groszy per share, in the prior-year period.

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