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Ledo swings to profit in Q1

Ledo d.d. said its first-quarter normalized net income came to 9.57 kuna per share, compared with a loss of 16.65 kuna per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.0 million kuna, compared with a loss of 5.2 million kuna in the year-earlier period.

The normalized profit margin climbed to 0.9% from negative 1.7% in the year-earlier period.

Total revenue increased 7.2% year over year to 329.1 million kuna from 307.1 million kuna, and total operating expenses rose 6.3% from the prior-year period to 336.5 million kuna from 316.6 million kuna.

Reported net income totaled a loss of 2.7 million kuna, or a loss of 8.68 kuna per share, compared to a loss of 39.2 million kuna, or a loss of 124.96 kuna per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 6.75 kuna.