Ursus Q1 net result turns to loss of PLN 1.5 mln

WSE-listed tractor producer Ursus recorded Q1 net loss of PLN 1.47 million compared to a profit of PLN 3.61 million a year ago. Operating profit amounted to PLN 2.49 million compared to PLN 6.47 million in Q1 2017. Consolidated revenues stood at PLN 43.51 million. Q1 net results were negatively affected by the increase of costs by PLN 1.91 million y/y. Higher costs were due to raise of foreign capital investments in subsidiaries and unfavorable USD/PLN exchange rate, Ursus said.