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Star Fitness swings to profit in Q3

Star Fitness SA said its normalized net income for the third quarter came to 35,540 zlotys, compared with a loss of 667,700 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 rose to 1.8% from negative 51.7% in the year-earlier period.

Total revenue grew 55.4% year over year to 2.0 million zlotys from 1.3 million zlotys, and total operating expenses fell 14.0% year over year to 1.9 million zlotys from 2.2 million zlotys.

Reported net income totaled 56,860 zlotys, or 1 groszy per share, compared to a loss of 1.1 million zlotys, or a loss of 55 groszy per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to 3.93 zlotys.