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Werth-Holz fiscal Q4 loss widens YOY

Werth-Holz SA said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, was a loss of 634,890 zlotys, compared with a loss of 240,760 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 fell to negative 15.7% from negative 4.0% in the year-earlier period.

Total revenue decreased 33.5% on an annual basis to 4.0 million zlotys from 6.0 million zlotys, and total operating expenses decreased 26.2% on an annual basis to 4.6 million zlotys from 6.2 million zlotys.

Reported net income totaled a loss of 710,620 zlotys, or a loss of 1 groszy per share, compared to a loss of 274,810 zlotys, or a loss of 1 groszy per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 groszy per share, a gain of 79.5% from 1 groszy per share in the prior year.

Normalized net income was 1.0 million zlotys, an increase of 79.6% from 564,250 zlotys in the prior year.

Full-year total revenue grew 17.3% on an annual basis to 41.4 million zlotys from 35.3 million zlotys, and total operating expenses increased 16.1% year over year to 38.9 million zlotys from 33.5 million zlotys.

The company said reported net income rose 37.6% year over year to 1.4 million zlotys, or 3 groszy per share, in the full year, from 1.0 million zlotys, or 2 groszy per share.

As of Feb. 22, US$1 was equivalent to 3.96 zlotys.