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Pharmena swings to profit in Q3

Pharmena SA said its normalized net income for the third quarter amounted to 2,500 zlotys, compared with a loss of 45,000 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 0.1% from negative 1.3% in the year-earlier period.

Total revenue increased 35.8% on an annual basis to 4.7 million zlotys from 3.5 million zlotys, and total operating expenses rose 16.6% on an annual basis to 4.7 million zlotys from 4.0 million zlotys.

Reported net income totaled a loss of 88,000 zlotys, or a loss of 1 groszy per share, compared to a loss of 259,000 zlotys, or a loss of 3 groszy per share, in the year-earlier period.

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