LPP SA Capital Group said its third-quarter normalized net income was a loss of 1.12 zlotys per share, compared with the S&P Capital IQ consensus estimate of 38.23 zlotys per share.

The per-share result swung to a loss from the prior-year profit of 31.89 zlotys.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.0 million zlotys, compared with income of 57.8 million zlotys in the prior-year period.

The normalized profit margin fell to negative 0.1% from 4.6% in the year-earlier period.

Total revenue grew 18.0% on an annual basis to 1.49 billion zlotys from 1.26 billion zlotys, and total operating expenses increased 28.5% from the prior-year period to 1.48 billion zlotys from 1.15 billion zlotys.

Reported net income came to a loss of 6.5 million zlotys, or a loss of 3.58 zlotys per share, compared to income of 79.7 million zlotys, or 43.99 zlotys per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 4.12 zlotys.