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Eurosnack swings to profit in Q1

Eurosnack SA said its normalized net income for the first quarter was 49,170 zlotys, compared with a loss of 244,030 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 rose to 1.6% from negative 14.2% in the year-earlier period.

Total revenue increased 77.0% year over year to 3.0 million zlotys from 1.7 million zlotys, and total operating expenses grew 42.0% from the prior-year period to 2.9 million zlotys from 2.1 million zlotys.

Reported net income totaled 78,670 zlotys, compared with a loss of 390,440 zlotys, or a loss of 15 groszy per share, in the prior-year period.

As of May 15, US$1 was equivalent to 3.54 zlotys.