Pepees SA said its first-quarter normalized net income amounted to 1.5 million zlotys, an increase from 534,630 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 climbed to 5.0% from 2.1% in the year-earlier period.

Total revenue increased 19.3% year over year to 30.4 million zlotys from 25.5 million zlotys, and total operating expenses rose 11.5% on an annual basis to 27.6 million zlotys from 24.8 million zlotys.

Reported net income rose from the prior-year period to 1.9 million zlotys, or 2 groszy per share, from 570,000 zlotys, or 1 groszy per share.

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