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Dufry swings to loss in Q1

Dufry AG said its first-quarter normalized net income was a loss of CHF7.3 million, compared with income of CHF275,000 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 0.7% from 0.0% in the year-earlier period.

Total revenue rose 31.5% on an annual basis to CHF1.02 billion from CHF775.0 million, and total operating expenses rose 37.2% from the prior-year period to CHF1.02 billion from CHF739.9 million.

Reported net income totaled a loss of CHF8.9 million, or a loss of 25 centimes per share, compared to income of CHF2.8 million, or 9 centimes per share, in the year-earlier period.