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Dom Development swings to profit in Q1

Dom Development SA said its first-quarter normalized net income amounted to 16 groszy per share, compared with a loss of 16 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 4.0 million zlotys, compared with a loss of 4.1 million zlotys in the year-earlier period.

The normalized profit margin climbed to 2.9% from negative 5.6% in the year-earlier period.

Total revenue rose 91.7% year over year to 139.1 million zlotys from 72.5 million zlotys, and total operating expenses climbed 68.4% from the prior-year period to 131.7 million zlotys from 78.2 million zlotys.

Reported net income totaled 5.2 million zlotys, or 21 groszy per share, compared to a loss of 5.5 million zlotys, or a loss of 22 groszy per share, in the year-earlier period.

As of April 25, US$1 was equivalent to 3.92 zlotys.