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Polska Meat Q2 profit climbs 30.2% YOY

Polska Meat SA said its second-quarter normalized net income was 707,510 zlotys, a gain of 30.2% from 543,260 zlotys in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.3% from 0.9% in the year-earlier period.

Total revenue fell 9.0% on an annual basis to 53.5 million zlotys from 58.8 million zlotys, and total operating expenses declined 9.7% year over year to 52.4 million zlotys from 58.0 million zlotys.

Reported net income totaled 877,130 zlotys, or 18 groszy per share, compared to 869,220 zlotys in the prior-year period.

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