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Harper Hygienics swings to loss in Q1

Harper Hygienics SA said its normalized net income for the first quarter was a loss of 390,060 zlotys, compared with income of 901,940 zlotys in the prior-year period.

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

The normalized profit margin fell to negative 0.9% from 1.8% in the year-earlier period.

Total revenue fell 16.4% year over year to 42.2 million zlotys from 50.5 million zlotys, and total operating expenses declined 12.7% year over year to 42.2 million zlotys from 48.3 million zlotys.

Reported net income totaled a loss of 1.4 million zlotys, or a loss of 2 groszy per share, compared to income of 16.4 million zlotys, or 25 groszy per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 3.54 zlotys.