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Solar Co. Q1 loss widens 30.4% YOY

Solar Co. SA said its normalized net income for the first quarter was a loss of 6 groszy per share, compared with a loss of 4 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 1.7 million zlotys, compared with a loss of 1.3 million zlotys in the prior-year period.

The normalized profit margin fell to negative 5.5% from negative 3.8% in the year-earlier period.

Total revenue decreased 8.7% year over year to 31.5 million zlotys from 34.5 million zlotys, and total operating expenses fell 6.6% on an annual basis to 34.3 million zlotys from 36.7 million zlotys.

Reported net income totaled a loss of 2.4 million zlotys, or a loss of 8 groszy per share, compared to a loss of 2.1 million zlotys, or a loss of 7 groszy per share, in the year-earlier period.

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