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Madkom swings to loss in Q1

Madkom SA said its normalized net income for the first quarter came to a loss of 6 groszy per share, compared with 3 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 323,580 zlotys, compared with income of 143,700 zlotys in the prior-year period.

The normalized profit margin dropped to negative 35.7% from 6.3% in the year-earlier period.

Total revenue fell 60.0% year over year to 906,790 zlotys from 2.3 million zlotys, and total operating expenses declined 31.2% on an annual basis to 1.4 million zlotys from 2.0 million zlotys.

Reported net income totaled a loss of 431,290 zlotys, or a loss of 9 groszy per share, compared to income of 151,280 zlotys, or 3 groszy per share, in the year-earlier period.

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