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A.P.N. Promise swings to loss in Q1

A.P.N. Promise S.A. said its first-quarter normalized net income came to a loss of 8 groszy per share, compared with 10 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 763,110 zlotys, compared with income of 779,900 zlotys in the year-earlier period.

The normalized profit margin declined to negative 1.1% from 2.0% in the year-earlier period.

Total revenue grew 68.5% year over year to 66.9 million zlotys from 39.7 million zlotys, and total operating expenses increased 77.9% year over year to 67.7 million zlotys from 38.0 million zlotys.

Reported net income came to a loss of 142,500 zlotys, or a loss of 2 groszy per share, compared to income of 826,840 zlotys, or 10 groszy per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.90 zlotys.