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Sfinks Polska swings to loss in fiscal Q1

Sfinks Polska S.A. said its normalized net income for the fiscal first quarter ended Feb. 29 amounted to a loss of 2 groszy per share, compared with 7 groszy per share in the first quarter ended March 31, 2015.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 747,500 zlotys, compared with income of 2.0 million zlotys in the first quarter ended March 31, 2015.

The normalized profit margin declined to negative 1.6% from 4.5% in the year-earlier period.

Total revenue grew 6.0% year over year to 46.2 million zlotys from 43.6 million zlotys, and total operating expenses increased 16.2% year over year to 45.9 million zlotys from 39.5 million zlotys.

Reported net income grew from the prior-year period to 4.5 million zlotys, or 14 groszy per share, from 971,000 zlotys, or 4 groszy per share.

As of April 14, US$1 was equivalent to 3.82 zlotys.