Zaklady Tluszczowe Kruszwica SA said its normalized net income for the first quarter amounted to 1.35 zlotys per share, a gain from 55 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 31.1 million zlotys, an increase from 12.5 million zlotys in the prior-year period.

The normalized profit margin increased to 5.1% from 2.0% in the year-earlier period.

Total revenue decreased year over year to 604.3 million zlotys from 630.6 million zlotys, and total operating expenses fell 7.3% from the prior-year period to 566.1 million zlotys from 610.9 million zlotys.

Reported net income grew from the prior-year period to 40.6 million zlotys, or 1.77 zlotys per share, from 16.1 million zlotys, or 70 groszy per share.

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