OPTeam Spólka Akcyjna said its normalized net income for the first quarter was a loss of 5 groszy per share, compared with 4 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 389,210 zlotys, compared with income of 318,930 zlotys in the year-earlier period.

The normalized profit margin dropped to negative 3.1% from 1.9% in the year-earlier period.

Total revenue fell 25.5% year over year to 12.5 million zlotys from 16.8 million zlotys, and total operating expenses declined 19.7% from the prior-year period to 13.1 million zlotys from 16.3 million zlotys.

Reported net income came to a loss of 584,000 zlotys, or a loss of 8 groszy per share, compared to income of 438,000 zlotys, or 6 groszy per share, in the prior-year period.

As of May 10, US$1 was equivalent to 3.88 zlotys.