Browar Czarnków SA said its normalized net income for the first quarter was a loss of 7 groszy per share, compared with a loss of 3 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 790,840 zlotys, compared with a loss of 177,650 zlotys in the prior-year period.

The normalized profit margin fell to negative 47.8% from negative 9.2% in the year-earlier period.

Total revenue declined 14.5% year over year to 1.7 million zlotys from 1.9 million zlotys, and total operating expenses increased 36.4% year over year to 2.7 million zlotys from 2.0 million zlotys.

Reported net income came to a loss of 1.3 million zlotys, or a loss of 12 groszy per share, compared to a loss of 290,970 zlotys, or a loss of 5 groszy per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 3.87 zlotys.