4Mobility Spólka Akcyjna said its normalized net income for the first quarter amounted to a loss of 15,920 zlotys, compared with a loss of 11,910 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 increased to negative 8.6% from negative 9.8% in the year-earlier period.

Total revenue grew 51.6% year over year to 184,760 zlotys from 121,880 zlotys, and total operating expenses rose 49.5% on an annual basis to 209,170 zlotys from 139,910 zlotys.

Reported net income came to a loss of 27,390 zlotys, or a loss of 2 groszy per share, compared to a loss of 19,100 zlotys in the year-earlier period.

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