Groclin SA said its normalized net income for the second quarter was a loss of 8 groszy per share, compared with a loss of 67 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 967,630 zlotys, compared with a loss of 7.8 million zlotys in the year-earlier period.

The normalized profit margin increased to negative 1.5% from negative 13.4% in the year-earlier period.

Total revenue rose 17.3% on an annual basis to 67.7 million zlotys from 57.7 million zlotys, and total operating expenses declined year over year to 65.4 million zlotys from 67.0 million zlotys.

Reported net income totaled a loss of 578,890 zlotys, or a loss of 5 groszy per share, compared to a loss of 12.3 million zlotys, or a loss of 1.06 zlotys per share, in the prior-year period.

As of Aug. 31, US$1 was equivalent to 3.91 zlotys.