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Mennica Polska swings to profit in Q4

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Mennica Polska swings to profit in Q4

Mennica Polska SA said its fourth-quarter normalized net income amounted to 12 groszy per share, compared with a loss of 2.04 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.0 million zlotys, compared with a loss of 104.9 million zlotys in the year-earlier period.

The normalized profit margin rose to 3.4% from negative 54.1% in the year-earlier period.

Total revenue decreased 8.5% on an annual basis to 177.5 million zlotys from 194.0 million zlotys, and total operating expenses fell 53.4% from the prior-year period to 168.1 million zlotys from 360.6 million zlotys.

Reported net income came to 6.2 million zlotys, or 12 groszy per share, compared to a loss of 171.8 million zlotys, or a loss of 3.35 zlotys per share, in the prior-year period.

For the year, the company's normalized net income totaled 67 groszy per share, compared with a loss of 1.62 zlotys per share in the prior year.

Normalized net income was 34.5 million zlotys, compared with a loss of 83.3 million zlotys in the prior year.

Full-year total revenue declined from the prior-year period to 774.3 million zlotys from 797.2 million zlotys, and total operating expenses decreased 20.5% year over year to 748.5 million zlotys from 941.7 million zlotys.

The company said reported net income totaled 37.0 million zlotys, or 72 groszy per share, in the full year, compared with a loss of 148.3 million zlotys, or a loss of 2.88 zlotys per share, the prior year.

As of March 10, US$1 was equivalent to 3.89 zlotys.