M Food SA said its third-quarter normalized net income was 4 groszy per share, a decline of 92.0% from 55 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 230,720 zlotys, a decrease of 91.7% from 2.8 million zlotys in the year-earlier period.

The normalized profit margin declined to 2.3% from 10.9% in the year-earlier period.

Total revenue increased 26.9% on an annual basis to 32.1 million zlotys from 25.3 million zlotys, and total operating expenses climbed 52.9% year over year to 31.5 million zlotys from 20.6 million zlotys.

Reported net income declined 89.7% from the prior-year period to 205,070 zlotys, or 4 groszy per share, from 2.0 million zlotys, or 40 groszy per share.

As of Nov. 17, US$1 was equivalent to 3.99 zlotys.