BPX S.A. said its normalized net income for the first quarter was 28,800 zlotys, a fall of 72.3% from 103,790 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.5% from 28.9% in the year-earlier period.

Total revenue increased on an annual basis to 5.3 million zlotys from 359,740 zlotys, and total operating expenses climbed on an annual basis to 5.2 million zlotys from 253,780 zlotys.

Reported net income decreased 72.3% year over year to 46,070 zlotys, or 0 groszy per share, from 166,070 zlotys, or 5 groszy per share.

As of May 16, US$1 was equivalent to 3.85 zlotys.