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Baltona swings to profit in Q2

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Baltona swings to profit in Q2

Przedsiebiorstwo Handlu Zagranicznego Baltona SA said its second-quarter normalized net income was 14 groszy per share, compared with a loss of 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 1.6 million zlotys, compared with a loss of 229,250 zlotys in the year-earlier period.

The normalized profit margin rose to 1.3% from negative 0.3% in the year-earlier period.

Total revenue grew 34.7% year over year to 119.5 million zlotys from 88.7 million zlotys, and total operating expenses increased 31.3% year over year to 116.0 million zlotys from 88.4 million zlotys.

Reported net income totaled 2.6 million zlotys, or 23 groszy per share, compared to a loss of 331,390 zlotys, or a loss of 3 groszy per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 3.78 zlotys.