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Abadon Real Estate swings to profit in Q3

Abadon Real Estate SA said its normalized net income for the third quarter came to 20 groszy per share, compared with a loss of 5 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.7 million zlotys, compared with a loss of 282,500 zlotys in the prior-year period.

The normalized profit margin rose to 3.9% from negative 4.2% in the year-earlier period.

Total revenue increased year over year to 39.0 million zlotys from 6.7 million zlotys, and total operating expenses rose from the prior-year period to 32.9 million zlotys from 7.2 million zlotys.

Reported net income totaled 2.4 million zlotys, or 29 groszy per share, compared to a loss of 376,000 zlotys, or a loss of 7 groszy per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 4.12 zlotys.