JHM Development SA said its normalized net income for the second quarter amounted to 560,000 zlotys, a fall of 76.9% from 2.4 million 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 declined to 3.5% from 10.9% in the year-earlier period.

Total revenue declined 26.4% on an annual basis to 16.4 million zlotys from 22.3 million zlotys, and total operating expenses declined 17.7% on an annual basis to 14.9 million zlotys from 18.1 million zlotys.

Reported net income fell 69.6% year over year to 743,000 zlotys, or 1 groszy per share, from 2.4 million zlotys, or 4 groszy per share.

As of Aug. 19, US$1 was equivalent to 3.81 zlotys.