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Polkap Q2 profit climbs YOY

Skoczowska Fabryka Kapeluszy Polkap SpA said its second-quarter normalized net income came to 19 groszy per share, an increase from 2 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 856,880 zlotys, an increase from 96,250 zlotys in the prior-year period.

The normalized profit margin rose to 18.7% from 3.8% in the year-earlier period.

Total revenue grew 82.7% on an annual basis to 4.6 million zlotys from 2.5 million zlotys, and total operating expenses grew 39.9% from the prior-year period to 3.1 million zlotys from 2.2 million zlotys.

Reported net income increased from the prior-year period to 1.1 million zlotys, or 24 groszy per share, from 120,000 zlotys, or 3 groszy per share.

As of July 10, US$1 was equivalent to 3.73 zlotys.