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North Coast SA swings to profit in Q1

North Coast SA said its first-quarter normalized net income amounted to 12 groszy per share, compared with a loss of 3 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 375,000 zlotys, compared with a loss of 93,000 zlotys in the year-earlier period.

The normalized profit margin increased to 1.1% from negative 0.2% in the year-earlier period.

Total revenue decreased 18.0% on an annual basis to 33.6 million zlotys from 41.0 million zlotys, and total operating expenses fell 17.3% on an annual basis to 34.6 million zlotys from 41.9 million zlotys.

Reported net income came to 2,000 zlotys, or 0 groszy per share, compared to a loss of 770,000 zlotys, or a loss of 24 groszy per share, in the year-earlier period.

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