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WASKO swings to loss in Q1

Wasko S.A. said its normalized net income for the first quarter came to a loss of 348,880 zlotys, compared with income of 7.7 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 0.8% from 6.7% in the year-earlier period.

Total revenue decreased 61.5% on an annual basis to 44.6 million zlotys from 115.8 million zlotys, and total operating expenses decreased 55.7% year over year to 45.4 million zlotys from 102.4 million zlotys.

Reported net income came to a loss of 547,000 zlotys, or a loss of 1 groszy per share, compared to income of 9.9 million zlotys, or 11 groszy per share, in the prior-year period.

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