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Werth-Holz swings to profit in fiscal Q1

Werth-Holz SA said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 85,640 zlotys, compared with a loss of 129,810 zlotys in the prior-year period.

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

The normalized profit margin rose to 1.4% from negative 1.9% in the year-earlier period.

Total revenue declined 9.1% year over year to 6.2 million zlotys from 6.8 million zlotys, and total operating expenses declined 11.6% year over year to 6.1 million zlotys from 6.9 million zlotys.

Reported net income came to 70,320 zlotys, compared with a loss of 207,700 zlotys in the year-earlier period.

As of Feb. 15, US$1 was equivalent to 3.95 zlotys.