Rainbow Tours Spolka Akcyjna said its first-quarter normalized net income came to 6 groszy per share, a decrease of 35.9% from 9 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 846,880 zlotys, a decline of 35.9% from 1.3 million zlotys in the prior-year period.

The normalized profit margin dropped to 0.5% from 1.0% in the year-earlier period.

Total revenue grew 32.5% on an annual basis to 173.5 million zlotys from 130.9 million zlotys, and total operating expenses increased 33.7% on an annual basis to 172.1 million zlotys from 128.7 million zlotys.

Reported net income declined 36.4% on an annual basis to 1.0 million zlotys, or 7 groszy per share, from 1.6 million zlotys, or 11 groszy per share.

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