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Advertigo swings to loss in Q1

Advertigo S.A. said its normalized net income for the first quarter amounted to a loss of 130,350 zlotys, compared with income of 106,680 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 17.4% from 11.6% in the year-earlier period.

Total revenue decreased 18.6% on an annual basis to 747,660 zlotys from 918,830 zlotys, and total operating expenses increased 27.9% on an annual basis to 957,040 zlotys from 748,470 zlotys.

Reported net income came to a loss of 208,550 zlotys, or a loss of 1 groszy per share, compared to income of 170,690 zlotys, or 1 groszy per share, in the year-earlier period.

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