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Prí³chnik swings to profit in Q3

Próchnik SA said its third-quarter normalized net income amounted to 52,250 zlotys, compared with a loss of 86,380 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 0.4% from negative 0.9% in the year-earlier period.

Total revenue rose 36.8% on an annual basis to 13.2 million zlotys from 9.6 million zlotys, and total operating expenses grew 34.8% on an annual basis to 12.8 million zlotys from 9.5 million zlotys.

Reported net income came to 46,000 zlotys, or 0 groszy per share, compared to a loss of 256,000 zlotys, or a loss of 1 groszy per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 4.12 zlotys.