Excellence SA said its normalized net income for the second quarter amounted to 1 groszy per share, a decline of 35.9% from 2 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 204,190 zlotys, a decline of 35.9% from 318,530 zlotys in the prior-year period.

The normalized profit margin declined to 2.2% from 3.5% in the year-earlier period.

Total revenue totaled 9.1 million zlotys, compared with 9.1 million zlotys in the prior-year period, and total operating expenses increased on an annual basis to 8.7 million zlotys from 8.6 million zlotys.

Reported net income decreased 35.5% on an annual basis to 326,710 zlotys, or 2 groszy per share, from 506,270 zlotys, or 3 groszy per share.

As of Aug. 12, US$1 was equivalent to 3.82 zlotys.