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Procad swings to loss in Q2

Procad SpA said its normalized net income for the second quarter was a loss of 2 groszy per share, compared with 2 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 143,880 zlotys, compared with income of 169,880 zlotys in the prior-year period.

The normalized profit margin declined to negative 1.5% from 1.3% in the year-earlier period.

Total revenue fell 26.6% year over year to 9.2 million zlotys from 12.6 million zlotys, and total operating expenses declined 21.2% on an annual basis to 9.7 million zlotys from 12.3 million zlotys.

Reported net income came to a loss of 208,140 zlotys, or a loss of 2 groszy per share, compared to income of 167,100 zlotys, or 2 groszy per share, in the prior-year period.

As of Aug. 29, US$1 was equivalent to 3.89 zlotys.