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Broad Gate swings to loss in Q1

Broad Gate SA said its normalized net income for the first quarter was a loss of 141,820 zlotys, compared with income of 45,770 zlotys 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 negative 2.9% from 39.8% in the year-earlier period.

Total revenue rose on an annual basis to 13.2 million zlotys from 115,040 zlotys, and total operating expenses rose year over year to 14.5 million zlotys from 75,960 zlotys.

Reported net income came to a loss of 3.6 million zlotys, or a loss of 30 groszy per share, compared to income of 66,070 zlotys in the prior-year period.

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