Skoczowska Fabryka Kapeluszy Polkap SpA said its first-quarter normalized net income came to 15 groszy per share, a decline of 38.4% from 25 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 695,000 zlotys, a decrease of 38.4% from 1.1 million zlotys in the prior-year period.

The normalized profit margin fell to 14.3% from 23.1% in the year-earlier period.

Total revenue came to 4.8 million zlotys, compared with 4.9 million zlotys in the prior-year period, and total operating expenses rose 22.0% on an annual basis to 3.6 million zlotys from 3.0 million zlotys.

Reported net income fell 38.3% on an annual basis to 901,000 zlotys, or 20 groszy per share, from 1.5 million zlotys, or 32 groszy per share.

As of May 12, US$1 was equivalent to 3.87 zlotys.