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Star Fitness swings to loss in Q3

Star Fitness SA said its third-quarter normalized net income amounted to a loss of 402,370 zlotys, compared with income of 35,540 zlotys in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 11.1% from 1.8% in the year-earlier period.

Total revenue rose 80.8% on an annual basis to 3.6 million zlotys from 2.0 million zlotys, and total operating expenses increased on an annual basis to 4.3 million zlotys from 1.9 million zlotys.

Reported net income came to a loss of 643,800 zlotys, or a loss of 3 groszy per share, compared to income of 56,860 zlotys, or 1 groszy per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 4.02 zlotys.