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LPP SA profit misses consensus by 30.5% in Q2

LPP SA Capital Group said its second-quarter normalized net income came to 53.56 zlotys per share, compared with the S&P Capital IQ consensus estimate of 77.07 zlotys per share.

EPS declined 22.3% year over year from 68.96 zlotys.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 98.9 million zlotys, a decline of 21.7% from 126.4 million zlotys in the prior-year period.

The normalized profit margin dropped to 7.7% from 10.7% in the year-earlier period.

Total revenue climbed 9.0% year over year to 1.29 billion zlotys from 1.19 billion zlotys, and total operating expenses grew 14.6% year over year to 1.15 billion zlotys from 1.01 billion zlotys.

Reported net income decreased 18.5% on an annual basis to 136.6 million zlotys, or 73.98 zlotys per share, from 167.7 million zlotys, or 91.46 zlotys per share.

As of Aug. 20, US$1 was equivalent to 3.74 zlotys.