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Master of Risk | Episode 3: Live from the Global Credit & Risk Symposium swings to profit in Q2 SpA said its second-quarter normalized net income was 2 groszy per share, compared with a loss of 2 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 152,500 zlotys, compared with a loss of 224,380 zlotys in the year-earlier period.

The normalized profit margin increased to 1.4% from negative 2.7% in the year-earlier period.

Total revenue rose 27.4% on an annual basis to 10.6 million zlotys from 8.3 million zlotys, and total operating expenses increased 20.1% on an annual basis to 10.3 million zlotys from 8.6 million zlotys.

Reported net income came to 241,000 zlotys, or 2 groszy per share, compared to a loss of 362,000 zlotys, or a loss of 4 groszy per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 3.81 zlotys.