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Broad Gate Q2 profit falls YOY

Broad Gate SA said its second-quarter normalized net income amounted to 5 groszy per share, a decrease of 61.7% from 14 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 639,460 zlotys, a decrease of 61.7% from 1.7 million zlotys in the year-earlier period.

The normalized profit margin fell to 8.6% from 10.0% in the year-earlier period.

Total revenue declined 55.3% year over year to 7.4 million zlotys from 16.6 million zlotys, and total operating expenses fell 47.7% year over year to 6.8 million zlotys from 12.9 million zlotys.

Reported net income fell 62.8% year over year to 883,820 zlotys, or 7 groszy per share, from 2.4 million zlotys, or 19 groszy per share.

As of Aug. 4, US$1 was equivalent to 3.85 zlotys.