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Dom Development swings to loss in Q1

Dom Development SA said its normalized net income for the first quarter amounted to a loss of 16 groszy per share, compared with 29 groszy 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 4.1 million zlotys, compared with income of 7.3 million zlotys in the year-earlier period.

The normalized profit margin declined to negative 5.6% from 3.7% in the year-earlier period.

Total revenue fell 63.5% year over year to 72.5 million zlotys from 198.7 million zlotys, and total operating expenses fell 58.8% on an annual basis to 78.2 million zlotys from 189.8 million zlotys.

Reported net income came to a loss of 5.5 million zlotys, or a loss of 22 groszy per share, compared to income of 9.2 million zlotys, or 37 groszy per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 3.70 zlotys.