Skoczowska Fabryka Kapeluszy Polkap SpA said its normalized net income for the first quarter amounted to 25 groszy per share, a gain from 4 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million zlotys, a gain from 201,250 zlotys in the prior-year period.

The normalized profit margin increased to 23.1% from 8.1% in the year-earlier period.

Total revenue rose 96.5% year over year to 4.9 million zlotys from 2.5 million zlotys, and total operating expenses grew 41.2% year over year to 3.0 million zlotys from 2.1 million zlotys.

Reported net income rose from the prior-year period to 1.5 million zlotys, or 32 groszy per share, from 263,000 zlotys, or 6 groszy per share.

As of May 12, US$1 was equivalent to 3.64 zlotys.