Maxipizza SA said its normalized net income for the first quarter amounted to 94,670 zlotys, a gain from 16,650 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 rose to 5.8% from 1.6% in the year-earlier period.

Total revenue grew 57.3% on an annual basis to 1.6 million zlotys from 1.0 million zlotys, and total operating expenses grew 47.2% year over year to 1.5 million zlotys from 1.0 million zlotys.

Reported net income grew on an annual basis to 147,690 zlotys, or 3 groszy per share, from 26,640 zlotys, or 1 groszy per share.

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