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Nowoczesna Firma swings to loss in Q1

Nowoczesna Firma S.A. said its first-quarter normalized net income was a loss of 59,950 zlotys, compared with income of 205,630 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 declined to negative 3.2% from 5.0% in the year-earlier period.

Total revenue decreased 54.0% on an annual basis to 1.9 million zlotys from 4.1 million zlotys, and total operating expenses declined 46.9% from the prior-year period to 2.0 million zlotys from 3.7 million zlotys.

Reported net income came to a loss of 79,650 zlotys, or a loss of 1 groszy per share, compared to income of 139,560 zlotys, or 1 groszy per share, in the prior-year period.

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