Instytut Szkolen i Analiz Gospodarczych SA said its normalized net income for the third quarter was a loss of 71,880 zlotys, compared with a loss of 64,380 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 dropped to negative 15.2% from negative 13.8% in the year-earlier period.

Total revenue grew on an annual basis to 472,000 zlotys from 465,000 zlotys, and total operating expenses rose from the prior-year period to 589,000 zlotys from 569,000 zlotys.

Reported net income came to a loss of 115,000 zlotys, or a loss of 2 groszy per share, compared to a loss of 103,000 zlotys, or a loss of 2 groszy per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to 3.96 zlotys.