Hurtimex SA said its normalized net income for the first quarter amounted to a loss of 43,430 zlotys, compared with a loss of 13,620 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 1.8% from negative 0.7% in the year-earlier period.

Total revenue rose 14.7% on an annual basis to 2.4 million zlotys from 2.1 million zlotys, and total operating expenses grew 17.9% year over year to 2.4 million zlotys from 2.0 million zlotys.

Reported net income totaled a loss of 68,250 zlotys, or a loss of 0 groszy per share, compared to a loss of 32,460 zlotys, or a loss of 0 groszy per share, in the prior-year period.

As of May 15, US$1 was equivalent to 3.54 zlotys.