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Parcel Technik swings to loss in Q1

Parcel Technik S.A. said its first-quarter normalized net income came to a loss of 91,010 zlotys, compared with income of 39,170 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 15.9% from 4.7% in the year-earlier period.

Total revenue fell 31.0% year over year to 574,000 zlotys from 832,030 zlotys, and total operating expenses declined 6.6% from the prior-year period to 709,170 zlotys from 759,650 zlotys.

Reported net income came to a loss of 145,610 zlotys, or a loss of 1 groszy per share, compared to income of 56,550 zlotys, or 2 groszy per share, in the prior-year period.

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