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Abadon Real Estate swings to profit in Q1

Abadon Real Estate SA said its normalized net income for the first quarter came to 19 groszy per share, compared with a loss of 9 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million zlotys, compared with a loss of 525,630 zlotys in the year-earlier period.

The normalized profit margin climbed to 17.0% from negative 9.1% in the year-earlier period.

Total revenue increased 13.1% on an annual basis to 6.5 million zlotys from 5.7 million zlotys, and total operating expenses increased 5.1% year over year to 7.0 million zlotys from 6.7 million zlotys.

Reported net income came to 1.6 million zlotys, or 28 groszy per share, compared to a loss of 718,000 zlotys, or a loss of 12 groszy per share, in the prior-year period.

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