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Zaharni Zavodi swings to profit in Q1

Zaharni Zavodi AD said its first-quarter normalized net income came to 10 stotinki per share, compared with a loss of 6 stotinki per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.2 million leva, compared with a loss of 671,880 leva in the year-earlier period.

The normalized profit margin rose to 4.3% from negative 2.5% in the year-earlier period.

Total revenue totaled 27.0 million leva, compared with 27.0 million leva in the prior-year period, and total operating expenses decreased 10.8% year over year to 24.5 million leva from 27.5 million leva.

Reported net income totaled 1.8 million leva, or 17 stotinki per share, compared to a loss of 1.1 million leva, or a loss of 10 stotinki per share, in the prior-year period.

As of May 21, US$1 was equivalent to 1.76 leva.