Netwise S.A. said its normalized net income for the first quarter was a loss of 11 groszy per share, compared with 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 a loss of 114,090 zlotys, compared with income of 138,500 zlotys in the prior-year period.

The normalized profit margin fell to negative 7.9% from 4.2% in the year-earlier period.

Total revenue fell 56.8% on an annual basis to 1.4 million zlotys from 3.3 million zlotys, and total operating expenses fell 48.0% from the prior-year period to 1.6 million zlotys from 3.1 million zlotys.

Reported net income came to a loss of 182,540 zlotys, or a loss of 18 groszy per share, compared to income of 180,040 zlotys, or 18 groszy per share, in the prior-year period.

As of May 13, US$1 was equivalent to 3.90 zlotys.