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Vakomtek Q1 profit falls YOY

Vakomtek SA said its first-quarter normalized net income came to 2 groszy per share, a decrease of 61.3% from 4 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 134,360 zlotys, a decline of 61.3% from 347,430 zlotys in the prior-year period.

The normalized profit margin fell to 1.2% from 5.5% in the year-earlier period.

Total revenue rose 73.3% on an annual basis to 10.9 million zlotys from 6.3 million zlotys, and total operating expenses grew 81.8% from the prior-year period to 10.5 million zlotys from 5.8 million zlotys.

Reported net income decreased 51.5% from the prior-year period to 214,980 zlotys, or 3 groszy per share, from 443,290 zlotys, or 6 groszy per share.

As of May 13, US$1 was equivalent to 3.60 zlotys.