Verte SA said its third-quarter normalized net income came to a loss of 306,380 zlotys, compared with a loss of 806,200 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 increased to negative 4.2% from negative 16.8% in the year-earlier period.

Total revenue increased 50.6% on an annual basis to 7.2 million zlotys from 4.8 million zlotys, and total operating expenses rose 24.5% on an annual basis to 7.5 million zlotys from 6.0 million zlotys.

Reported net income totaled a loss of 490,210 zlotys, or a loss of 3 groszy per share, compared to a loss of 1.3 million zlotys in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 3.97 zlotys.