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Solar Co. swings to profit in Q2

Solar Co. SA said its normalized net income for the second quarter was 2 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 733,750 zlotys, compared with a loss of 312,500 zlotys in the year-earlier period.

The normalized profit margin climbed to 2.0% from negative 0.9% in the year-earlier period.

Total revenue rose 9.6% on an annual basis to 37.2 million zlotys from 33.9 million zlotys, and total operating expenses grew from the prior-year period to 36.0 million zlotys from 34.4 million zlotys.

Reported net income totaled 900,000 zlotys, or 3 groszy per share, compared to a loss of 300,000 zlotys, or a loss of 2 groszy per share, in the year-earlier period.

As of Aug. 31, US$1 was equivalent to 3.91 zlotys.