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Larq SA Q1 loss narrows YOY

Larq S.A. said its first-quarter normalized net income amounted to a loss of 9 groszy per share, compared with a loss of 39 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 646,420 zlotys, compared with a loss of 2.5 million zlotys in the year-earlier period.

The normalized profit margin rose to negative 5.1% from negative 49.5% in the year-earlier period.

Total revenue climbed on an annual basis to 12.7 million zlotys from 5.1 million zlotys, and total operating expenses rose 41.9% year over year to 13.7 million zlotys from 9.6 million zlotys.

Reported net income totaled a loss of 1.3 million zlotys, or a loss of 18 groszy per share, compared to a loss of 4.3 million zlotys, or a loss of 66 groszy per share, in the prior-year period.

As of May 16, US$1 was equivalent to 3.85 zlotys.