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Ronson Europe swings to loss in Q1

Ronson Europe NV said its normalized net income for the first quarter amounted to a loss of 2.1 million zlotys, compared with income of 2.5 million zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 5.2% from 3.8% in the year-earlier period.

Total revenue decreased 38.7% on an annual basis to 40.4 million zlotys from 65.9 million zlotys, and total operating expenses fell 29.2% year over year to 42.7 million zlotys from 60.3 million zlotys.

Reported net income totaled a loss of 2.7 million zlotys, or a loss of 1 groszy per share, compared to income of 4.2 million zlotys, or 2 groszy per share, in the year-earlier period.

As of May 6, US$1 was equivalent to 3.56 zlotys.