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Premium Fund swings to profit in Q3

Premium Fund SA said its third-quarter normalized net income amounted to 37,880 zlotys, compared with a loss of 15,480 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 rose to 2.0% from negative 0.9% in the year-earlier period.

Total revenue increased 9.5% year over year to 1.9 million zlotys from 1.8 million zlotys, and total operating expenses grew on an annual basis to 1.9 million zlotys from 1.8 million zlotys.

Reported net income came to 60,610 zlotys, compared with a loss of 24,770 zlotys in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 3.95 zlotys.