Grupa Exorigo-Upos SA said its first-quarter normalized net income was 1 groszy per share, a decrease of 92.1% from 18 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 140,630 zlotys, a decline of 92.1% from 1.8 million zlotys in the year-earlier period.

The normalized profit margin fell to 0.6% from 7.3% in the year-earlier period.

Total revenue fell 10.3% year over year to 21.8 million zlotys from 24.3 million zlotys, and total operating expenses totaled 21.6 million zlotys, compared with 21.4 million zlotys in the year-earlier period.

Reported net income fell 93.7% on an annual basis to 136,000 zlotys, or 1 groszy per share, from 2.2 million zlotys, or 22 groszy per share.

As of May 16, US$1 was equivalent to 3.85 zlotys.