Apanet S.A. said its first-quarter normalized net income came to a loss of 6 groszy per share, compared with a loss of 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 a loss of 201,710 zlotys, compared with a loss of 63,670 zlotys in the year-earlier period.

The normalized profit margin dropped to negative 174.5% from negative 110.4% in the year-earlier period.

Total revenue climbed on an annual basis to 115,590 zlotys from 57,650 zlotys, and total operating expenses increased from the prior-year period to 438,010 zlotys from 159,520 zlotys.

Reported net income totaled a loss of 322,740 zlotys, or a loss of 10 groszy per share, compared to a loss of 101,870 zlotys, or a loss of 3 groszy per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 3.87 zlotys.