Gino Rossi SA said its normalized net income for the first quarter amounted to a loss of 486,880 zlotys, compared with a loss of 142,500 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 fell to negative 0.7% from negative 0.2% in the year-earlier period.

Total revenue grew 10.2% on an annual basis to 66.2 million zlotys from 60.1 million zlotys, and total operating expenses grew 11.5% on an annual basis to 65.5 million zlotys from 58.7 million zlotys.

Reported net income came to a loss of 1.0 million zlotys, or a loss of 2 groszy per share, compared to income of 191,020 zlotys, or 0 groszy per share, in the year-earlier period.

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