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Decora swings to profit in Q1

Decora SA said its normalized net income for the first quarter was 17 groszy per share, compared with a loss of 32 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 1.9 million zlotys, compared with a loss of 3.6 million zlotys in the prior-year period.

The normalized profit margin climbed to 3.9% from negative 5.4% in the year-earlier period.

Total revenue declined 25.9% on an annual basis to 49.4 million zlotys from 66.7 million zlotys, and total operating expenses decreased 28.2% on an annual basis to 46.3 million zlotys from 64.5 million zlotys.

Reported net income totaled 2.4 million zlotys, or 21 groszy per share, compared to a loss of 5.6 million zlotys, or a loss of 50 groszy per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 3.54 zlotys.