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Wikana swings to profit in Q3

Wikana SA said its normalized net income for the third quarter came to 9 groszy per share, compared with a loss of 20 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.8 million zlotys, compared with a loss of 3.5 million zlotys in the prior-year period.

The normalized profit margin climbed to 5.0% from negative 29.1% in the year-earlier period.

Total revenue grew year over year to 35.5 million zlotys from 11.9 million zlotys, and total operating expenses rose 95.2% from the prior-year period to 30.3 million zlotys from 15.5 million zlotys.

Reported net income came to 2.5 million zlotys, or 13 groszy per share, compared to a loss of 8.8 million zlotys, or a loss of 50 groszy per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 3.95 zlotys.