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Ruch Chorz—w swings to loss in fiscal Q3

Ruch Chorzów SA said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 233,870 zlotys, compared with income of 83,080 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 dropped to negative 7.5% from 2.5% in the year-earlier period.

Total revenue declined 8.5% on an annual basis to 3.1 million zlotys from 3.4 million zlotys, and total operating expenses climbed year over year to 3.2 million zlotys from 1.6 million zlotys.

Reported net income came to a loss of 280,170 zlotys, or a loss of 1 groszy per share, compared to income of 1.1 million zlotys, or 5 groszy per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.90 zlotys.