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Hurtimex swings to profit in Q3

Hurtimex SA said its normalized net income for the third quarter came to 46,220 zlotys, compared with a loss of 128,010 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 climbed to 1.7% from negative 6.4% in the year-earlier period.

Total revenue increased 34.4% year over year to 2.7 million zlotys from 2.0 million zlotys, and total operating expenses climbed 18.6% year over year to 2.5 million zlotys from 2.1 million zlotys.

Reported net income came to 76,720 zlotys, or 0 groszy per share, compared to a loss of 225,030 zlotys, or a loss of 1 groszy per share, in the year-earlier period.

As of Nov. 15, US$1 was equivalent to 4.13 zlotys.