Próchnik SA said its first-quarter normalized net income amounted to 451,130 zlotys, an increase from 5,000 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 3.0% from 0.1% in the year-earlier period.

Total revenue rose 45.0% on an annual basis to 10.0 million zlotys from 6.9 million zlotys, and total operating expenses increased 34.9% from the prior-year period to 9.2 million zlotys from 6.8 million zlotys.

Reported net income came to a loss of 30,000 zlotys, or a loss of 0 groszy per share, compared to income of 8,000 zlotys, or 0 groszy per share, in the prior-year period.

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