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Miraculum swings to loss in Q1

Miraculum SA said its first-quarter normalized net income was a loss of 10 groszy per share, compared with 4 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 555,450 zlotys, compared with income of 209,760 zlotys in the year-earlier period.

The normalized profit margin fell to negative 7.7% from 2.4% in the year-earlier period.

Total revenue declined 18.6% on an annual basis to 7.2 million zlotys from 8.9 million zlotys, and total operating expenses declined 5.2% on an annual basis to 7.3 million zlotys from 7.7 million zlotys.

Reported net income fell 88.8% year over year to 47,880 zlotys, or 1 groszy per share, from 429,250 zlotys, or 8 groszy per share.

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