Tarczynski SA said its normalized net income for the first quarter was 37 groszy per share, a gain from 19 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 4.3 million zlotys, a gain from 2.1 million zlotys in the prior-year period.

The normalized profit margin rose to 3.4% from 1.9% in the year-earlier period.

Total revenue grew 14.6% on an annual basis to 124.8 million zlotys from 108.9 million zlotys, and total operating expenses rose 11.6% year over year to 116.1 million zlotys from 104.1 million zlotys.

Reported net income increased on an annual basis to 5.3 million zlotys, or 47 groszy per share, from 2.6 million zlotys, or 23 groszy per share.

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