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ZPC Otmuchí³w Q1 profit falls YOY

Zaklady Przemyslu Cukierniczego Otmuchów SA said its normalized net income for the first quarter amounted to 2 groszy per share, a decrease of 92.0% from 21 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 226,880 zlotys, a decrease of 91.4% from 2.7 million zlotys in the prior-year period.

The normalized profit margin declined to 0.4% from 3.6% in the year-earlier period.

Total revenue decreased 15.8% on an annual basis to 62.0 million zlotys from 73.6 million zlotys, and total operating expenses fell 11.9% year over year to 61.0 million zlotys from 69.2 million zlotys.

Reported net income fell 78.0% from the prior-year period to 823,000 zlotys, or 6 groszy per share, from 3.7 million zlotys, or 29 groszy per share.

As of May 6, US$1 was equivalent to 3.56 zlotys.