JHM Development SA said its normalized net income for the third quarter amounted to 2 groszy per share, a decrease of 60.9% from 5 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 1.6 million zlotys, an increase of 21.3% from 1.3 million zlotys in the prior-year period.

The normalized profit margin climbed to 7.8% from 5.6% in the year-earlier period.

Total revenue declined 12.1% on an annual basis to 20.1 million zlotys from 22.9 million zlotys, and total operating expenses decreased 13.4% year over year to 17.1 million zlotys from 19.8 million zlotys.

Reported net income grew 24.1% on an annual basis to 1.7 million zlotys, or 2 groszy per share, from 1.3 million zlotys, or 5 groszy per share.

As of Nov. 9, US$1 was equivalent to 3.96 zlotys.