Grupa Zywiec S.A. said its normalized net income for the first quarter was 2.19 zlotys per share, compared with a loss of 32 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 22.5 million zlotys, compared with a loss of 3.2 million zlotys in the prior-year period.

The normalized profit margin increased to 4.6% from negative 0.5% in the year-earlier period.

Total revenue decreased 18.0% year over year to 493.8 million zlotys from 602.5 million zlotys, and total operating expenses declined 25.4% year over year to 450.4 million zlotys from 604.1 million zlotys.

Reported net income totaled 59.8 million zlotys, or 5.82 zlotys per share, compared to a loss of 4.1 million zlotys, or a loss of 40 groszy per share, in the prior-year period.

As of April 20, US$1 was equivalent to 3.78 zlotys.