Muza SA said its normalized net income for the first quarter was a loss of 7 groszy per share, compared with a loss of 15 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 213,000 zlotys, compared with a loss of 420,500 zlotys in the year-earlier period.

The normalized profit margin rose to negative 3.9% from negative 9.0% in the year-earlier period.

Total revenue rose 16.8% year over year to 5.4 million zlotys from 4.7 million zlotys, and total operating expenses rose 7.3% from the prior-year period to 5.8 million zlotys from 5.4 million zlotys.

Reported net income came to a loss of 427,780 zlotys, or a loss of 15 groszy per share, compared to a loss of 770,010 zlotys, or a loss of 27 groszy per share, in the prior-year period.

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