Polska Meat SA said its normalized net income for the first quarter came to 1.1 million zlotys, a gain from 533,320 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 rose to 4.6% from 0.9% in the year-earlier period.

Total revenue fell 60.2% year over year to 23.9 million zlotys from 60.2 million zlotys, and total operating expenses decreased 62.9% on an annual basis to 22.1 million zlotys from 59.5 million zlotys.

Reported net income increased from the prior-year period to 1.8 million zlotys, or 35 groszy per share, from 853,310 zlotys.

As of May 13, US$1 was equivalent to 3.90 zlotys.