Lokaty Budowlane SA said its normalized net income for the first quarter was a loss of 179,950 zlotys, compared with income of 1.8 million 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 negative 24.3% from 7.5% in the year-earlier period.

Total revenue decreased 96.8% year over year to 739,890 zlotys from 23.3 million zlotys, and total operating expenses decreased 95.7% year over year to 882,360 zlotys from 20.4 million zlotys.

Reported net income totaled a loss of 206,620 zlotys, or a loss of 0 groszy per share, compared to income of 2.8 million zlotys, or 6 groszy per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 3.54 zlotys.