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Platige Image swings to loss in Q1

Platige Image S.A. said its normalized net income for the first quarter was a loss of 7 groszy per share, compared with 10 groszy 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 235,130 zlotys, compared with income of 321,000 zlotys in the year-earlier period.

The normalized profit margin declined to negative 1.3% from 2.4% in the year-earlier period.

Total revenue increased 41.9% year over year to 18.8 million zlotys from 13.2 million zlotys, and total operating expenses grew 45.4% year over year to 18.7 million zlotys from 12.8 million zlotys.

Reported net income totaled a loss of 286,000 zlotys, or a loss of 9 groszy per share, compared to income of 514,000 zlotys, or 16 groszy per share, in the prior-year period.

As of May 11, US$1 was equivalent to 3.87 zlotys.