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Simple SA swings to loss in Q1

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Simple SA swings to loss in Q1

Simple SA said its normalized net income for the first quarter was a loss of 42 groszy per share, compared with 4 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 a loss of 1.9 million zlotys, compared with income of 154,630 zlotys in the prior-year period.

The normalized profit margin declined to negative 30.0% from 1.0% in the year-earlier period.

Total revenue fell 58.9% on an annual basis to 6.2 million zlotys from 15.0 million zlotys, and total operating expenses declined 38.2% from the prior-year period to 9.2 million zlotys from 14.8 million zlotys.

Reported net income totaled a loss of 3.5 million zlotys, or a loss of 79 groszy per share, compared to a loss of 75,000 zlotys, or a loss of 2 groszy per share, in the prior-year period.

As of May 16, US$1 was equivalent to 3.85 zlotys.