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Redan swings to loss in Q3

Redan SA said its normalized net income for the third quarter amounted to a loss of 6 groszy per share, compared with 2 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 a loss of 2.0 million zlotys, compared with income of 589,130 zlotys in the year-earlier period.

The normalized profit margin declined to negative 1.7% from 0.5% in the year-earlier period.

Total revenue rose on an annual basis to 131.0 million zlotys from 126.2 million zlotys, and total operating expenses rose 7.3% on an annual basis to 130.5 million zlotys from 121.6 million zlotys.

Reported net income came to a loss of 2.5 million zlotys, or a loss of 7 groszy per share, compared to a loss of 82,000 zlotys, or a loss of 0 groszy per share, in the prior-year period.

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