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Grupa Zywiec swings to profit in Q4

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Grupa Zywiec swings to profit in Q4

Grupa Zywiec SA said its normalized net income for the fourth quarter came to 1.99 zlotys per share, compared with a loss of 3.41 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.5 million zlotys, compared with a loss of 35.1 million zlotys in the prior-year period.

The normalized profit margin climbed to 3.0% from negative 5.3% in the year-earlier period.

Total revenue increased 5.7% on an annual basis to 692.6 million zlotys from 655.3 million zlotys, and total operating expenses decreased 6.2% year over year to 660.1 million zlotys from 703.4 million zlotys.

Reported net income rose 74.8% year over year to 74.6 million zlotys, or 7.27 zlotys per share, from 42.7 million zlotys, or 4.16 zlotys per share.

For the year, the company's normalized net income totaled 18.99 zlotys per share, an increase from 5.87 zlotys per share in the prior year.

Normalized net income was 195.1 million zlotys, a rise from 60.3 million zlotys in the prior year.

Full-year total revenue grew on an annual basis to 3.13 billion zlotys from 3.09 billion zlotys, and total operating expenses declined 5.3% year over year to 2.81 billion zlotys from 2.96 billion zlotys.

The company said reported net income rose 87.1% on an annual basis to 298.1 million zlotys, or 29.03 zlotys per share, in the full year, from 159.4 million zlotys, or 15.52 zlotys per share.

As of Feb. 15, US$1 was equivalent to 3.95 zlotys.