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Krasnyj Octyabr swings to profit in Q1

Joint-Stock Co. Krasnyj Octyabr said its first-quarter normalized net income was 3.66 Russian rubles per share, compared with a loss of 9.34 rubles per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.7 million rubles, compared with a loss of 86.1 million rubles in the prior-year period.

The normalized profit margin increased to 1.6% from negative 5.3% in the year-earlier period.

Total revenue increased 30.7% year over year to 2.12 billion rubles from 1.62 billion rubles, and total operating expenses climbed 23.2% on an annual basis to 2.02 billion rubles from 1.64 billion rubles.

Reported net income totaled 35.2 million rubles, or 3.82 rubles per share, compared to a loss of 117.3 million rubles, or a loss of 12.72 rubles per share, in the prior-year period.

As of May 21, US$1 was equivalent to 49.89 Russian rubles.