Procad SpA said its normalized net income for the first quarter amounted to 5 groszy per share, a decline of 28.9% 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 463,130 zlotys, a decrease of 28.9% from 651,250 zlotys in the year-earlier period.

The normalized profit margin declined to 3.2% from 4.2% in the year-earlier period.

Total revenue declined 6.3% year over year to 14.4 million zlotys from 15.3 million zlotys, and total operating expenses declined from the prior-year period to 13.7 million zlotys from 14.2 million zlotys.

Reported net income declined 40.0% from the prior-year period to 541,140 zlotys, or 6 groszy per share, from 901,900 zlotys, or 10 groszy per share.

As of May 13, US$1 was equivalent to 3.90 zlotys.