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Gino Rossi Q1 loss narrows YOY

Gino Rossi S.A. said its normalized net income for the first quarter came to a loss of 375,630 zlotys, compared with a loss of 486,880 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 increased to negative 0.6% from negative 0.7% in the year-earlier period.

Total revenue declined 7.2% year over year to 61.5 million zlotys from 66.2 million zlotys, and total operating expenses decreased 6.3% on an annual basis to 61.4 million zlotys from 65.5 million zlotys.

Reported net income totaled a loss of 501,430 zlotys, or a loss of 1 groszy per share, compared to a loss of 1.0 million zlotys, or a loss of 2 groszy per share, in the year-earlier period.

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