JHM Development SA said its second-quarter normalized net income was 4 groszy per share, a decline of 51.8% from 7 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 2.4 million zlotys, a gain of 33.5% from 1.8 million zlotys in the year-earlier period.

The normalized profit margin climbed to 10.9% from 7.0% in the year-earlier period.

Total revenue fell 14.2% year over year to 22.3 million zlotys from 25.9 million zlotys, and total operating expenses decreased 17.2% on an annual basis to 18.1 million zlotys from 21.8 million zlotys.

Reported net income grew year over year to 2.4 million zlotys, or 4 groszy per share, from 2.4 million zlotys, or 10 groszy per share.

As of Aug. 19, US$1 was equivalent to 3.78 zlotys.