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LPP SA profit misses consensus by 51.8% in Q2

LPP SA Capital Group said its second-quarter normalized net income amounted to 30.24 zlotys per share, compared with the S&P Capital IQ consensus estimate of 62.70 zlotys per share.

EPS decreased 43.6% year over year from 53.63 zlotys.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 55.6 million zlotys, a decline of 43.8% from 98.9 million zlotys in the year-earlier period.

The normalized profit margin dropped to 3.7% from 7.7% in the year-earlier period.

Total revenue grew 16.4% on an annual basis to 1.50 billion zlotys from 1.29 billion zlotys, and total operating expenses climbed 22.7% from the prior-year period to 1.42 billion zlotys from 1.15 billion zlotys.

Reported net income decreased 34.3% from the prior-year period to 89.8 million zlotys, or 48.89 zlotys per share, from 136.6 million zlotys, or 74.08 zlotys per share.

As of Aug. 30, US$1 was equivalent to 3.91 zlotys.