Wistil SpA said its normalized net income for the first quarter amounted to 1.64 zlotys per share, an increase from 1.58 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.6 million zlotys, a gain from 1.6 million zlotys in the prior-year period.

The normalized profit margin rose to 2.7% from 2.4% in the year-earlier period.

Total revenue fell 7.5% on an annual basis to 60.4 million zlotys from 65.3 million zlotys, and total operating expenses fell 7.7% on an annual basis to 57.5 million zlotys from 62.3 million zlotys.

Reported net income increased 16.8% from the prior-year period to 2.5 million zlotys, or 2.46 zlotys per share, from 2.1 million zlotys, or 2.10 zlotys per share.

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