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Sevenet fiscal Q2 profit falls YOY

Sevenet SA said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 10 groszy per share, a decrease of 10.4% from 12 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 728,500 zlotys, a decrease of 10.4% from 812,810 zlotys in the prior-year period.

The normalized profit margin fell to 4.0% from 4.1% in the year-earlier period.

Total revenue declined 7.0% year over year to 18.4 million zlotys from 19.8 million zlotys, and total operating expenses declined 7.8% on an annual basis to 17.1 million zlotys from 18.6 million zlotys.

Reported net income declined 7.5% on an annual basis to 923,300 zlotys, or 13 groszy per share, from 998,400 zlotys, or 14 groszy per share.

As of Feb. 12, US$1 was equivalent to 3.92 zlotys.