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Ronson Europe swings to profit in Q4

Ronson Europe NV said its fourth-quarter normalized net income was 4 groszy per share, compared with a loss of 1 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 11.9 million zlotys, compared with a loss of 3.6 million zlotys in the year-earlier period.

The normalized profit margin climbed to 10.0% from negative 34.0% in the year-earlier period.

Total revenue grew on an annual basis to 118.8 million zlotys from 10.7 million zlotys, and total operating expenses rose from the prior-year period to 97.8 million zlotys from 15.7 million zlotys.

Reported net income came to 17.3 million zlotys, or 6 groszy per share, compared to a loss of 15.8 million zlotys, or a loss of 6 groszy per share, in the prior-year period.

For the year, the company's normalized net income totaled 5 groszy per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7 groszy.

EPS was a loss of 1 groszy in the prior year.

Normalized net income was 13.5 million zlotys, compared with a loss of 4.1 million zlotys in the prior year.

Full-year total revenue rose 83.7% year over year to 281.4 million zlotys from 153.2 million zlotys, and total operating expenses increased 62.4% year over year to 253.6 million zlotys from 156.1 million zlotys.

The company said reported net income came to 19.4 million zlotys, or 7 groszy per share, in the full year, compared with a loss of 15.4 million zlotys, or a loss of 6 groszy per share, the prior year.

As of March 3, US$1 was equivalent to 3.97 zlotys.