Browar Czarnków SA said its third-quarter normalized net income was a loss of 12 groszy per share, compared with a loss of 1.20 zlotys per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 712,800 zlotys, compared with a loss of 1.9 million zlotys in the prior-year period.

The normalized profit margin rose to negative 30.2% from negative 65.6% in the year-earlier period.

Total revenue fell 18.4% year over year to 2.4 million zlotys from 2.9 million zlotys, and total operating expenses declined 39.9% from the prior-year period to 3.2 million zlotys from 5.4 million zlotys.

Reported net income totaled a loss of 1.1 million zlotys, or a loss of 18 groszy per share, compared to a loss of 930,120 zlotys, or a loss of 59 groszy per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to 3.93 zlotys.