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Auto-Spa swings to profit in Q1

Auto-Spa SA said its normalized net income for the first quarter was 35,670 zlotys, compared with a loss of 281,680 zlotys in the year-earlier period.

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

The normalized profit margin climbed to 0.8% from negative 8.8% in the year-earlier period.

Total revenue climbed 40.8% year over year to 4.5 million zlotys from 3.2 million zlotys, and total operating expenses climbed 25.6% year over year to 4.0 million zlotys from 3.2 million zlotys.

Reported net income totaled 126,860 zlotys, or 1 groszy per share, compared to a loss of 335,010 zlotys, or a loss of 4 groszy per share, in the year-earlier period.

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