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Likhachov Plant Q1 loss narrows YOY

Public Joint-Stock Co. Likhachov Plant said its normalized net income for the first quarter came to a loss of 22.11 Russian rubles per share, compared with a loss of 156.64 rubles 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 58.8 million rubles, compared with a loss of 416.7 million rubles in the prior-year period.

The normalized profit margin rose to negative 15.5% from negative 113.4% in the year-earlier period.

Total revenue increased year over year to 379.6 million rubles from 367.5 million rubles, and total operating expenses declined 15.4% year over year to 613.4 million rubles from 724.8 million rubles.

Reported net income came to 49.7 million rubles, or 18.68 rubles per share, compared to a loss of 666.7 million rubles, or a loss of 250.63 rubles per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 65.27 Russian rubles.