Instytut Szkolen i Analiz Gospodarczych SA said its first-quarter normalized net income came to 62,500 zlotys, an increase from 26,250 zlotys in the prior-year period.

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

The normalized profit margin climbed to 4.3% from 2.5% in the year-earlier period.

Total revenue rose 38.6% on an annual basis to 1.4 million zlotys from 1.0 million zlotys, and total operating expenses rose 34.4% year over year to 1.3 million zlotys from 1.0 million zlotys.

Reported net income increased 78.6% year over year to 75,000 zlotys, or 1 groszy per share, from 42,000 zlotys, or 1 groszy per share.

As of May 12, US$1 was equivalent to 3.64 zlotys.