Netmedia Spólka Akcyjna said its normalized net income for the first quarter amounted to 8 groszy per share, a decrease of 44.5% from 15 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 718,750 zlotys, a decrease of 57.5% from 1.7 million zlotys in the prior-year period.

The normalized profit margin declined to 1.8% from 3.7% in the year-earlier period.

Total revenue decreased 11.0% year over year to 40.5 million zlotys from 45.5 million zlotys, and total operating expenses declined 9.5% from the prior-year period to 38.7 million zlotys from 42.8 million zlotys.

Reported net income fell 52.6% year over year to 1.1 million zlotys, or 13 groszy per share, from 2.3 million zlotys, or 21 groszy per share.

As of May 16, US$1 was equivalent to 3.85 zlotys.