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M Food Q2 profit climbs YOY

M Food SA said its second-quarter normalized net income amounted to 13 groszy per share, an increase from 4 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 689,420 zlotys, an increase from 219,410 zlotys in the prior-year period.

The normalized profit margin rose to 2.7% from 1.1% in the year-earlier period.

Total revenue climbed 27.2% on an annual basis to 25.8 million zlotys from 20.3 million zlotys, and total operating expenses increased 17.5% year over year to 23.8 million zlotys from 20.3 million zlotys.

Reported net income rose 79.8% on an annual basis to 631,160 zlotys, or 12 groszy per share, from 351,050 zlotys, or 7 groszy per share.

As of Aug. 11, US$1 was equivalent to 3.81 zlotys.