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Interferie swings to profit in Q1

Interferie SA said its first-quarter normalized net income came to 4 groszy per share, compared with a loss of 8 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 576,250 zlotys, compared with a loss of 1.1 million zlotys in the prior-year period.

The normalized profit margin climbed to 6.1% from negative 15.1% in the year-earlier period.

Total revenue increased 27.5% on an annual basis to 9.5 million zlotys from 7.5 million zlotys, and total operating expenses increased 7.7% on an annual basis to 9.7 million zlotys from 9.0 million zlotys.

Reported net income came to 869,000 zlotys, or 6 groszy per share, compared to a loss of 1.5 million zlotys, or a loss of 10 groszy per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 3.70 zlotys.