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MGM Systems Q1 profit falls YOY

MGM SYSTEMS Spólka Akcyjna said its normalized net income for the first quarter amounted to 4 groszy per share, a decrease of 42.0% from 7 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 109,730 zlotys, a decrease of 42.0% from 189,060 zlotys in the prior-year period.

The normalized profit margin declined to 5.0% from 9.0% in the year-earlier period.

Total revenue rose on an annual basis to 2.2 million zlotys from 2.1 million zlotys, and total operating expenses decreased 32.6% year over year to 1.2 million zlotys from 1.8 million zlotys.

Reported net income fell 30.7% on an annual basis to 151,910 zlotys, or 5 groszy per share, from 219,280 zlotys, or 8 groszy per share.

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