Premium Fund SA said its third-quarter normalized net income amounted to 20,160 zlotys, a decline of 46.8% from 37,880 zlotys in the year-earlier period.

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

The normalized profit margin rose to 42.9% from 2.0% in the year-earlier period.

Total revenue decreased 97.6% on an annual basis to 47,000 zlotys from 1.9 million zlotys, and total operating expenses declined 99.2% year over year to 14,390 zlotys from 1.9 million zlotys.

Reported net income came to 32,260 zlotys, compared with 60,610 zlotys in the prior-year period.

As of Oct. 27, US$1 was equivalent to 3.98 zlotys.