British Automotive Holding SA said its first-quarter normalized net income came to 12 groszy per share, a decline of 64.0% from 33 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 5.0 million zlotys, a decline of 65.9% from 14.5 million zlotys in the year-earlier period.

The normalized profit margin dropped to 2.7% from 7.7% in the year-earlier period.

Total revenue decreased 15.1% year over year to 160.9 million zlotys from 189.5 million zlotys, and total operating expenses decreased 7.3% on an annual basis to 149.5 million zlotys from 161.3 million zlotys.

Reported net income decreased 72.8% from the prior-year period to 5.4 million zlotys, or 13 groszy per share, from 19.9 million zlotys, or 45 groszy per share.

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