Apis SA said its first-quarter normalized net income came to 33,600 zlotys, compared with a loss of 169,650 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 1.7% from negative 11.2% in the year-earlier period.

Total revenue increased 27.3% on an annual basis to 1.9 million zlotys from 1.5 million zlotys, and total operating expenses climbed from the prior-year period to 1.9 million zlotys from 1.8 million zlotys.

Reported net income totaled 53,750 zlotys, or 0 groszy per share, compared to a loss of 271,450 zlotys, or a loss of 0 groszy per share, in the year-earlier period.

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