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SC Ves Q1 profit falls YOY

S.C. Ves SA said its first-quarter normalized net income amounted to 211,400 lei, a decline of 5.2% from 222,970 lei in the year-earlier period.

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

The normalized profit margin declined to 2.6% from 3.6% in the year-earlier period.

Total revenue grew 30.5% on an annual basis to 8.0 million lei from 6.1 million lei, and total operating expenses rose 32.8% on an annual basis to 7.5 million lei from 5.7 million lei.

Reported net income came to 338,240 lei, compared with 356,750 lei in the year-earlier period.

As of May 12, US$1 was equivalent to 3.94 Romanian lei.