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Mennica Polska Q1 profit falls YOY

Mennica Polska SA said its first-quarter normalized net income came to 4 groszy per share, a decrease of 78.8% from 20 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 2.2 million zlotys, a decrease of 78.8% from 10.3 million zlotys in the year-earlier period.

The normalized profit margin fell to 1.0% from 4.7% in the year-earlier period.

Total revenue declined year over year to 215.2 million zlotys from 219.9 million zlotys, and total operating expenses fell 5.1% from the prior-year period to 207.6 million zlotys from 218.7 million zlotys.

Reported net income decreased 94.6% on an annual basis to 602,000 zlotys, or 1 groszy per share, from 11.1 million zlotys, or 22 groszy per share.

As of May 6, US$1 was equivalent to 3.56 zlotys.