Protektor SA said its normalized net income for the first quarter amounted to 11 groszy per share, a decline of 19.3% from 14 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 2.1 million zlotys, a decline of 19.3% from 2.7 million zlotys in the year-earlier period.

The normalized profit margin fell to 8.1% from 10.2% in the year-earlier period.

Total revenue grew year over year to 26.3 million zlotys from 26.0 million zlotys, and total operating expenses grew year over year to 22.7 million zlotys from 21.7 million zlotys.

Reported net income fell 30.8% from the prior-year period to 1.7 million zlotys, or 9 groszy per share, from 2.5 million zlotys, or 13 groszy per share.

As of May 16, US$1 was equivalent to 3.85 zlotys.