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IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help swings to loss in Q1 S.A. said its first-quarter normalized net income amounted to a loss of 799,380 zlotys, compared with income of 61,880 zlotys in the year-earlier period.

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

The normalized profit margin dropped to negative 1.0% from 0.1% in the year-earlier period.

Total revenue rose 27.7% year over year to 78.0 million zlotys from 61.0 million zlotys, and total operating expenses increased 29.7% from the prior-year period to 79.4 million zlotys from 61.2 million zlotys.

Reported net income totaled a loss of 1.4 million zlotys, or a loss of 10 groszy per share, compared to income of 84,000 zlotys, or 1 groszy per share, in the prior-year period.

As of May 12, US$1 was equivalent to 3.64 zlotys.