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Auto-Spa Q2 loss widens 55.6% YOY

Auto-Spa SA said its normalized net income for the second quarter amounted to a loss of 5 groszy per share, compared with a loss of 4 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 596,520 zlotys, compared with a loss of 383,390 zlotys in the prior-year period.

The normalized profit margin declined to negative 28.9% from negative 7.9% in the year-earlier period.

Total revenue declined 57.5% year over year to 2.1 million zlotys from 4.9 million zlotys, and total operating expenses fell 62.0% from the prior-year period to 2.0 million zlotys from 5.4 million zlotys.

Reported net income totaled a loss of 1.1 million zlotys, or a loss of 9 groszy per share, compared to a loss of 515,660 zlotys, or a loss of 5 groszy per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 3.82 zlotys.