LPP SA said its first-quarter normalized net income amounted to a loss of 10.26 zlotys per share, compared with a loss of 4.65 zlotys 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 18.6 million zlotys, compared with a loss of 8.4 million zlotys in the year-earlier period.

The normalized profit margin fell to negative 1.9% from negative 0.9% in the year-earlier period.

Total revenue increased 6.1% year over year to 1.00 billion zlotys from 945.0 million zlotys, and total operating expenses climbed 9.2% from the prior-year period to 978.9 million zlotys from 896.6 million zlotys.

Reported net income came to a loss of 37.3 million zlotys, or a loss of 20.63 zlotys per share, compared to a loss of 14.9 million zlotys, or a loss of 8.24 zlotys per share, in the prior-year period.

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