Apis SA said its first-quarter normalized net income came to a loss of 44,310 zlotys, compared with income of 33,600 zlotys in the year-earlier period.

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

The normalized profit margin fell to negative 6.4% from 1.7% in the year-earlier period.

Total revenue decreased 64.3% on an annual basis to 690,710 zlotys from 1.9 million zlotys, and total operating expenses fell 60.8% year over year to 735,420 zlotys from 1.9 million zlotys.

Reported net income totaled 600 zlotys, compared with 53,750 zlotys, or 0 groszy per share, in the prior-year period.

As of May 17, US$1 was equivalent to 3.86 zlotys.