Broad Gate SA said its first-quarter normalized net income came to a loss of 4 groszy per share, compared with a loss of 3 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 a loss of 483,450 zlotys, compared with a loss of 383,440 zlotys in the year-earlier period.

The normalized profit margin dropped to negative 3.2% from negative 2.9% in the year-earlier period.

Total revenue grew 14.0% on an annual basis to 15.0 million zlotys from 13.2 million zlotys, and total operating expenses totaled 15.7 million zlotys, compared with 15.8 million zlotys in the prior-year period.

Reported net income totaled 5.1 million zlotys, or 41 groszy per share, compared to a loss of 4.3 million zlotys, or a loss of 35 groszy per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.90 zlotys.