Wojas SA said its normalized net income for the first quarter was a loss of 11 groszy per share, compared with 4 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.4 million zlotys, compared with income of 553,130 zlotys in the prior-year period.

The normalized profit margin fell to negative 3.3% from 1.2% in the year-earlier period.

Total revenue declined 5.7% year over year to 41.9 million zlotys from 44.5 million zlotys, and total operating expenses decreased year over year to 42.2 million zlotys from 42.8 million zlotys.

Reported net income totaled a loss of 2.2 million zlotys, or a loss of 18 groszy per share, compared to income of 322,000 zlotys, or 3 groszy per share, in the prior-year period.

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