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Eskimos SA swings to loss in Q1

Eskimos SA said its first-quarter normalized net income amounted to a loss of 12,500 zlotys, compared with income of 211,250 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 fell to negative 0.1% from 1.3% in the year-earlier period.

Total revenue declined 33.2% on an annual basis to 11.1 million zlotys from 16.7 million zlotys, and total operating expenses decreased 33.6% year over year to 10.8 million zlotys from 16.3 million zlotys.

Reported net income fell 94.1% on an annual basis to 19,000 zlotys, or 0 groszy per share, from 320,000 zlotys, or 2 groszy per share.

As of May 16, US$1 was equivalent to 3.85 zlotys.