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Gobarto Q1 profit falls YOY

Gobarto SA said its normalized net income for the first quarter was 14 groszy per share, a decline from 14 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 3.9 million zlotys, a decline from 3.9 million zlotys in the prior-year period.

The normalized profit margin climbed to 1.1% from 0.9% in the year-earlier period.

Total revenue declined 18.4% year over year to 352.6 million zlotys from 432.1 million zlotys, and total operating expenses declined 18.6% on an annual basis to 344.0 million zlotys from 422.7 million zlotys.

Reported net income declined on an annual basis to 6.4 million zlotys, or 23 groszy per share, from 6.6 million zlotys, or 24 groszy per share.

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