Excellence SA said its third-quarter normalized net income amounted to 3,110 zlotys, a decrease of 99.5% from 574,180 zlotys in the prior-year period.

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

The normalized profit margin dropped to 0.0% from 5.5% in the year-earlier period.

Total revenue declined 28.6% year over year to 7.5 million zlotys from 10.4 million zlotys, and total operating expenses declined 20.3% year over year to 7.5 million zlotys from 9.4 million zlotys.

Reported net income decreased 99.4% on an annual basis to 4,980 zlotys, or 0 groszy per share, from 896,310 zlotys, or 6 groszy per share.

As of Nov. 14, US$1 was equivalent to 4.12 zlotys.