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Groclin swings to profit in Q3

Groclin SA said its normalized net income for the third quarter was 7 groszy per share, compared with a loss of 1.98 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 827,000 zlotys, compared with a loss of 22.9 million zlotys in the year-earlier period.

The normalized profit margin climbed to 1.3% from negative 51.5% in the year-earlier period.

Total revenue climbed 35.4% on an annual basis to 60.1 million zlotys from 44.4 million zlotys, and total operating expenses decreased 25.7% year over year to 58.8 million zlotys from 79.2 million zlotys.

Reported net income totaled 1.3 million zlotys, or 11 groszy per share, compared to a loss of 39.8 million zlotys, or a loss of 3.44 zlotys per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 4.12 zlotys.