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Biomass Energy Project Q1 profit climbs 71.0% YOY

Biomass Energy Project SA said its normalized net income for the first quarter was 9 groszy per share, an increase of 52.0% from 6 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 1.5 million zlotys, a gain of 71.0% from 883,140 zlotys in the year-earlier period.

The normalized profit margin increased to 59.6% from 52.2% in the year-earlier period.

Total revenue increased 49.7% on an annual basis to 2.5 million zlotys from 1.7 million zlotys, and total operating expenses declined 57.7% year over year to 118,580 zlotys from 280,370 zlotys.

Reported net income grew 71.0% on an annual basis to 2.4 million zlotys, or 14 groszy per share, from 1.4 million zlotys, or 9 groszy per share.

As of April 16, US$1 was equivalent to 3.76 zlotys.