Amica SA said its first-quarter normalized net income amounted to 2.18 zlotys per share, an increase of 70.9% from 1.28 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.0 million zlotys, a gain of 70.9% from 9.9 million zlotys in the year-earlier period.

The normalized profit margin rose to 3.6% from 2.3% in the year-earlier period.

Total revenue rose 11.2% year over year to 475.3 million zlotys from 427.6 million zlotys, and total operating expenses increased 9.7% on an annual basis to 440.9 million zlotys from 401.9 million zlotys.

Reported net income increased 66.8% year over year to 21.8 million zlotys, or 2.81 zlotys per share, from 13.1 million zlotys, or 1.68 zlotys per share.

As of May 15, US$1 was equivalent to 3.54 zlotys.