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Quality & Reliability ABEE swings to profit in Q1

Quality & Reliability A.B.E.E said its first-quarter normalized net income was €20,190, compared with a loss of €285,130 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.2% from negative 41.3% in the year-earlier period.

Total revenue climbed 33.9% on an annual basis to €923,930 from €689,850, and total operating expenses declined 28.2% from the prior-year period to €805,020 from €1.1 million.

Reported net income totaled €3,130, or 0 cents per share, compared to a loss of €461,240, or a loss of 2 cents per share, in the year-earlier period.