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Comp SA swings to loss in Q1

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Comp SA swings to loss in Q1

Comp SA said its first-quarter normalized net income was a loss of 22 groszy per share, compared with 1.53 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.1 million zlotys, compared with income of 7.6 million zlotys in the prior-year period.

The normalized profit margin dropped to negative 1.1% from 5.4% in the year-earlier period.

Total revenue declined 35.3% on an annual basis to 92.1 million zlotys from 142.5 million zlotys, and total operating expenses fell 27.4% year over year to 91.4 million zlotys from 125.9 million zlotys.

Reported net income totaled a loss of 3.4 million zlotys, or a loss of 70 groszy per share, compared to income of 8.6 million zlotys, or 1.72 zlotys per share, in the year-earlier period.

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