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Solar Co. Q3 loss widens 21.6% YOY

Solar Co. SA said its third-quarter normalized net income amounted to a loss of 3 groszy per share, compared with a loss of 2 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 a loss of 870,000 zlotys, compared with a loss of 715,630 zlotys in the year-earlier period.

The normalized profit margin declined to negative 2.6% from negative 2.0% in the year-earlier period.

Total revenue fell 7.3% on an annual basis to 33.5 million zlotys from 36.1 million zlotys, and total operating expenses declined 6.3% from the prior-year period to 35.0 million zlotys from 37.3 million zlotys.

Reported net income came to a loss of 1.1 million zlotys, or a loss of 4 groszy per share, compared to a loss of 945,000 zlotys, or a loss of 3 groszy per share, in the year-earlier period.

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