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Baltic Bridge swings to loss in Q1

Baltic Bridge Spólka Akcyjna said its normalized net income for the first quarter came to a loss of 25 groszy per share, compared with 6 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 5.4 million zlotys, compared with income of 1.4 million zlotys in the prior-year period.

The normalized profit margin fell to negative 43.7% from 2.1% in the year-earlier period.

Total revenue declined 81.8% year over year to 12.4 million zlotys from 68.1 million zlotys, and total operating expenses decreased 81.1% from the prior-year period to 12.2 million zlotys from 64.6 million zlotys.

Reported net income totaled a loss of 7.2 million zlotys, or a loss of 33 groszy per share, compared to income of 2.9 million zlotys, or 13 groszy per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.90 zlotys.