CDRL S.A. said its normalized net income for the third quarter was 31 groszy per share, a decrease of 44.8% from 57 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 1.9 million zlotys, a decline of 44.7% from 3.4 million zlotys in the year-earlier period.

The normalized profit margin fell to 3.2% from 6.9% in the year-earlier period.

Total revenue grew 18.4% year over year to 58.7 million zlotys from 49.6 million zlotys, and total operating expenses rose 21.0% on an annual basis to 54.8 million zlotys from 45.3 million zlotys.

Reported net income fell 42.7% from the prior-year period to 2.6 million zlotys, or 43 groszy per share, from 4.5 million zlotys, or 75 groszy per share.

As of Nov. 14, US$1 was equivalent to 4.12 zlotys.