Sfinks Polska SA said its normalized net income for the first quarter was 7 groszy per share, an increase from 2 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 2.0 million zlotys, an increase from 564,380 zlotys in the prior-year period.

The normalized profit margin climbed to 4.5% from 1.4% in the year-earlier period.

Total revenue increased 5.8% on an annual basis to 43.6 million zlotys from 41.2 million zlotys, and total operating expenses came to 39.5 million zlotys, compared with 39.5 million zlotys in the year-earlier period.

Reported net income grew 16.4% on an annual basis to 971,000 zlotys, or 4 groszy per share, from 834,080 zlotys, or 3 groszy per share.

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