Master Pharm SA said its normalized net income for the second quarter amounted to 5 groszy per share, a decrease of 54.6% from 12 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 1.1 million zlotys, a decrease of 47.2% from 2.1 million zlotys in the prior-year period.

The normalized profit margin declined to 10.2% from 18.0% in the year-earlier period.

Total revenue declined 6.6% on an annual basis to 11.1 million zlotys from 11.8 million zlotys, and total operating expenses rose 11.2% year over year to 9.3 million zlotys from 8.4 million zlotys.

Reported net income fell 47.0% from the prior-year period to 1.4 million zlotys, or 6 groszy per share, from 2.6 million zlotys, or 14 groszy per share.

As of Aug. 17, US$1 was equivalent to 3.81 zlotys.