Solar Co. SA said its first-quarter normalized net income was a loss of 4 groszy per share, compared with 1 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 1.3 million zlotys, compared with income of 438,130 zlotys in the year-earlier period.

The normalized profit margin dropped to negative 3.8% from 1.3% in the year-earlier period.

Total revenue decreased year over year to 34.5 million zlotys from 35.0 million zlotys, and total operating expenses grew 6.4% on an annual basis to 36.7 million zlotys from 34.5 million zlotys.

Reported net income came to a loss of 2.1 million zlotys, or a loss of 7 groszy per share, compared to income of 300,000 zlotys, or 1 groszy per share, in the prior-year period.

As of May 15, US$1 was equivalent to 3.54 zlotys.