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Chelyabinsk Forge-and-Press Plant swings to loss in Q1

Chelyabinsk Forge-and-Press Plant PJSC said its first-quarter normalized net income amounted to a loss of 35.49 Russian rubles per share, compared with 1.52 rubles 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 21.3 million rubles, compared with income of 909,380 rubles in the year-earlier period.

The normalized profit margin declined to negative 2.3% from 0.1% in the year-earlier period.

Total revenue declined 18.5% year over year to 928.8 million rubles from 1.14 billion rubles, and total operating expenses declined 16.5% on an annual basis to 970.5 million rubles from 1.16 billion rubles.

Reported net income came to a loss of 30.4 million rubles, or a loss of 50.68 rubles per share, compared to income of 7.7 million rubles, or 12.81 rubles per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 49.23 Russian rubles.