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Gorenje swings to loss in Q1

Gorenje d.d. said its first-quarter normalized net income came to a loss of 1 euro cents per share, compared with 6 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €266,000, compared with income of €1.3 million in the year-earlier period.

The normalized profit margin dropped to negative 0.2% from 0.4% in the year-earlier period.

Total revenue fell 9.0% year over year to €266.4 million from €292.7 million, and total operating expenses declined 7.6% from the prior-year period to €261.5 million from €282.9 million.

Reported net income came to a loss of €1.7 million, or a loss of 7 cents per share, compared to income of €1.0 million, or 5 cents per share, in the prior-year period.