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Polkap Q3 profit falls YOY

Skoczowska Fabryka Kapeluszy Polkap SpA said its third-quarter normalized net income came to 4 groszy per share, a decrease of 81.6% from 24 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 203,130 zlotys, a decrease of 81.6% from 1.1 million zlotys in the prior-year period.

The normalized profit margin declined to 5.7% from 16.8% in the year-earlier period.

Total revenue decreased 46.2% year over year to 3.5 million zlotys from 6.6 million zlotys, and total operating expenses decreased 42.6% year over year to 2.6 million zlotys from 4.6 million zlotys.

Reported net income decreased 82.5% year over year to 251,000 zlotys, or 6 groszy per share, from 1.4 million zlotys, or 32 groszy per share.

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