Protektor SA said its normalized net income for the first quarter amounted to 14 groszy per share, a gain of 39.0% from 10 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 2.7 million zlotys, an increase of 39.0% from 1.9 million zlotys in the year-earlier period.

The normalized profit margin rose to 10.2% from 7.3% in the year-earlier period.

Total revenue fell on an annual basis to 26.0 million zlotys from 26.6 million zlotys, and total operating expenses declined 7.3% on an annual basis to 21.7 million zlotys from 23.4 million zlotys.

Reported net income grew 44.4% on an annual basis to 2.5 million zlotys, or 13 groszy per share, from 1.7 million zlotys, or 9 groszy per share.

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