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CI Games swings to loss in Q1

CI Games SA said its normalized net income for the first quarter amounted to a loss of 631,880 zlotys, compared with income of 333,750 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 fell to negative 8.2% from 8.4% in the year-earlier period.

Total revenue grew 95.3% on an annual basis to 7.7 million zlotys from 4.0 million zlotys, and total operating expenses increased 93.0% from the prior-year period to 8.8 million zlotys from 4.6 million zlotys.

Reported net income came to a loss of 1.5 million zlotys, or a loss of 1 groszy per share, compared to income of 34,000 zlotys, or 0 groszy per share, in the prior-year period.

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