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ESOTIQ & Henderson swings to loss in Q1

ESOTIQ & Henderson SA said its first-quarter normalized net income was a loss of 4 groszy per share, compared with 20 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 64,130 zlotys, compared with income of 349,500 zlotys in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 1.5% in the year-earlier period.

Total revenue grew 5.6% year over year to 24.6 million zlotys from 23.3 million zlotys, and total operating expenses rose 5.9% on an annual basis to 23.9 million zlotys from 22.6 million zlotys.

Reported net income declined 95.0% on an annual basis to 17,670 zlotys, or 1 groszy per share, from 353,300 zlotys, or 20 groszy per share.

As of May 15, US$1 was equivalent to 3.54 zlotys.