M Food SA said its third-quarter normalized net income was 14 groszy per share, a decline from 14 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 724,450 zlotys, a decline from 740,930 zlotys in the prior-year period.

The normalized profit margin rose to 2.6% from 2.3% in the year-earlier period.

Total revenue decreased 12.5% year over year to 28.1 million zlotys from 32.1 million zlotys, and total operating expenses declined 12.0% year over year to 27.0 million zlotys from 30.7 million zlotys.

Reported net income grew year over year to 2.0 million zlotys, or 39 groszy per share, from 205,070 zlotys, or 4 groszy per share.

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