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Hurtimex swings to profit in Q1

Hurtimex SA said its normalized net income for the first quarter amounted to 102,790 zlotys, compared with a loss of 43,430 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 rose to 3.3% from negative 1.8% in the year-earlier period.

Total revenue increased 28.4% on an annual basis to 3.1 million zlotys from 2.4 million zlotys, and total operating expenses increased 18.6% from the prior-year period to 2.9 million zlotys from 2.4 million zlotys.

Reported net income totaled 186,040 zlotys, or 1 groszy per share, compared to a loss of 68,250 zlotys, or a loss of 0 groszy per share, in the prior-year period.

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