AmRest Holdings SE said its normalized net income for the first quarter was 1.40 zlotys per share, an increase of 34.3% from 1.04 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.6 million zlotys, a gain of 34.3% from 22.1 million zlotys in the year-earlier period.

The normalized profit margin rose to 3.5% from 2.9% in the year-earlier period.

Total revenue increased 14.4% on an annual basis to 858.2 million zlotys from 750.4 million zlotys, and total operating expenses climbed 13.6% on an annual basis to 803.1 million zlotys from 706.8 million zlotys.

Reported net income grew 46.1% on an annual basis to 39.7 million zlotys, or 1.87 zlotys per share, from 27.2 million zlotys, or 1.28 zlotys per share.

As of April 29, US$1 was equivalent to 3.82 zlotys.