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Abadon Real Estate swings to loss in Q1

Abadon Real Estate SA said its normalized net income for the first quarter amounted to a loss of 12 groszy per share, compared with 19 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 667,500 zlotys, compared with income of 1.1 million zlotys in the prior-year period.

Total revenue grew 33.6% year over year to 8.7 million zlotys from 6.5 million zlotys, and total operating expenses grew 27.0% from the prior-year period to 8.9 million zlotys from 7.0 million zlotys.

Reported net income totaled a loss of 1.1 million zlotys, or a loss of 19 groszy per share, compared to income of 1.6 million zlotys, or 28 groszy per share, in the year-earlier period.

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