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Pharmena Q1 loss narrows YOY

Pharmena SA said its normalized net income for the first quarter was a loss of 3 groszy per share, compared with a loss of 9 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 a loss of 258,750 zlotys, compared with a loss of 833,750 zlotys in the year-earlier period.

The normalized profit margin increased to negative 6.4% from negative 21.0% in the year-earlier period.

Total revenue rose year over year to 4.0 million zlotys from 4.0 million zlotys, and total operating expenses decreased 13.5% on an annual basis to 4.7 million zlotys from 5.5 million zlotys.

Reported net income totaled a loss of 688,000 zlotys, or a loss of 8 groszy per share, compared to a loss of 1.6 million zlotys, or a loss of 18 groszy per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 3.57 zlotys.