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North Coast SA swings to profit in Q3

North Coast SA said its third-quarter normalized net income was 14 groszy per share, compared with a loss of 3 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 453,130 zlotys, compared with a loss of 104,630 zlotys in the prior-year period.

The normalized profit margin increased to 1.1% from negative 0.2% in the year-earlier period.

Total revenue fell 18.4% year over year to 40.1 million zlotys from 49.1 million zlotys, and total operating expenses fell 21.5% on an annual basis to 39.3 million zlotys from 50.1 million zlotys.

Reported net income came to 455,000 zlotys, or 14 groszy per share, compared to a loss of 687,000 zlotys, or a loss of 21 groszy per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 3.95 zlotys.