Zaklady Miesne Henryk Kania SA said its first-quarter normalized net income came to 5 groszy per share, an increase of 39.8% from 4 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 6.2 million zlotys, a gain of 39.8% from 4.4 million zlotys in the prior-year period.

The normalized profit margin climbed to 3.0% from 2.7% in the year-earlier period.

Total revenue rose 26.6% on an annual basis to 206.3 million zlotys from 162.9 million zlotys, and total operating expenses rose 26.6% year over year to 193.8 million zlotys from 153.1 million zlotys.

Reported net income rose 45.2% from the prior-year period to 8.8 million zlotys, or 7 groszy per share, from 6.0 million zlotys, or 5 groszy per share.

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