Sunex SA said its normalized net income for the first quarter came to a loss of 8 groszy per share, compared with a loss of 4 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 323,130 zlotys, compared with a loss of 163,130 zlotys in the year-earlier period.

The normalized profit margin dropped to negative 6.2% from negative 2.7% in the year-earlier period.

Total revenue declined 13.2% on an annual basis to 5.2 million zlotys from 6.0 million zlotys, and total operating expenses declined 12.5% from the prior-year period to 5.6 million zlotys from 6.5 million zlotys.

Reported net income came to a loss of 417,000 zlotys, or a loss of 10 groszy per share, compared to a loss of 261,000 zlotys, or a loss of 6 groszy per share, in the year-earlier period.

As of May 9, US$1 was equivalent to 3.88 zlotys.