Próchnik SA said its normalized net income for the first quarter amounted to a loss of 203,250 zlotys, compared with income of 288,630 zlotys in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 1.7% from 3.0% in the year-earlier period.

Total revenue climbed 26.6% year over year to 12.3 million zlotys from 9.7 million zlotys, and total operating expenses climbed 34.3% from the prior-year period to 12.3 million zlotys from 9.2 million zlotys.

Reported net income came to 774,000 zlotys, or 2 groszy per share, compared to a loss of 290,000 zlotys, or a loss of 1 groszy per share, in the year-earlier period.

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