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Boomerang swings to loss in Q1

Boomerang SA said its normalized net income for the first quarter was 30,990 zlotys, compared with income of 7,340 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 dropped to negative 3.3% from 0.9% in the year-earlier period.

Total revenue rose 10.9% on an annual basis to 951,470 zlotys from 857,670 zlotys, and total operating expenses increased 22.2% year over year to 1.0 million zlotys from 837,420 zlotys.

Reported net income came to a loss of 53,740 zlotys, compared with income of 11,750 zlotys in the prior-year period.

As of May 14, US$1 was equivalent to 3.57 zlotys.