French trade credit insurer Coface has reported a net profit of €15 million ($22.25 million) for the first quarter of this year, up from a loss of €37 million ($55 million) for the same period last year.

Operating profit for the quarter was €24 million ($35.6 million), up from a dismal loss of €76 million ($113 million) last year.

This turnaround was due to a €13 million ($19 million) contribution from its insurance line, a massive increase from the segment’s loss of €90 million ($133.5 million) in the prior corresponding period.

Coface achieved €401 million ($595 million) in turnover during the quarter, down from €412 million ($611 million) last year.

The company is currently revising its short-term private credit insurance model in response to a slowdown in the subscription of new credit insurance contracts.