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Mega Sonic Q1 profit falls YOY

Mega Sonic Spólka Akcyjna said its normalized net income for the first quarter was 2 groszy per share, a decline of 80.1% from 11 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 45,440 zlotys, a decline of 69.8% from 150,480 zlotys in the year-earlier period.

The normalized profit margin declined to 1.0% from 1.1% in the year-earlier period.

Total revenue fell 66.2% on an annual basis to 4.8 million zlotys from 14.1 million zlotys, and total operating expenses fell 67.4% from the prior-year period to 4.5 million zlotys from 13.9 million zlotys.

Reported net income decreased 63.9% on an annual basis to 73,800 zlotys, or 3 groszy per share, from 204,290 zlotys, or 14 groszy per share.

As of May 13, US$1 was equivalent to 3.90 zlotys.