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Abadon Real Estate swings to profit in Q2

Abadon Real Estate SA said its second-quarter normalized net income came to 9 groszy per share, compared with a loss of 26 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 501,880 zlotys, compared with a loss of 1.5 million zlotys in the prior-year period.

Total revenue declined 94.3% on an annual basis to 383,000 zlotys from 6.7 million zlotys, and total operating expenses fell 93.5% on an annual basis to 464,000 zlotys from 7.1 million zlotys.

Reported net income totaled 768,000 zlotys, or 13 groszy per share, compared to a loss of 413,000 zlotys, or a loss of 7 groszy per share, in the year-earlier period.

As of Aug. 24, US$1 was equivalent to 3.83 zlotys.