Eurocash S.A. said its normalized net income for the first quarter came to a loss of 3.7 million zlotys, compared with income of 206,470 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 declined to negative 0.1% from 0.0% in the year-earlier period.

Total revenue grew 23.8% on an annual basis to 4.61 billion zlotys from 3.72 billion zlotys, and total operating expenses rose 24.0% from the prior-year period to 4.60 billion zlotys from 3.71 billion zlotys.

Reported net income totaled a loss of 2.8 million zlotys, or a loss of 2 groszy per share, compared to income of 1.4 million zlotys, or 1 groszy per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 3.64 zlotys.