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SC Ves swings to profit in Q1

S.C. Ves SA said its normalized net income for the first quarter amounted to 222,970 lei, compared with a loss of 1.1 million lei in the year-earlier period.

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

The normalized profit margin increased to 3.6% from negative 22.0% in the year-earlier period.

Total revenue climbed 19.3% year over year to 6.1 million lei from 5.1 million lei, and total operating expenses decreased 17.0% year over year to 5.7 million lei from 6.8 million lei.

Reported net income came to 356,750 lei, compared with a loss of 1.8 million lei in the year-earlier period.

As of May 14, US$1 was equivalent to 3.92 Romanian lei.