Sanok Rubber Co. SA said its normalized net income for the third quarter was 75 groszy per share, a decline of 11.2% from 85 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 21.0 million zlotys, a decline of 7.6% from 22.8 million zlotys in the year-earlier period.

The normalized profit margin declined to 8.9% from 11.7% in the year-earlier period.

Total revenue increased 21.2% on an annual basis to 236.6 million zlotys from 195.2 million zlotys, and total operating expenses increased 26.9% on an annual basis to 201.4 million zlotys from 158.7 million zlotys.

Reported net income fell 8.5% on an annual basis to 26.9 million zlotys, or 96 groszy per share, from 29.4 million zlotys, or 1.09 zlotys per share.

As of Nov. 12, US$1 was equivalent to 3.93 zlotys.