Instytut Szkolen i Analiz Gospodarczych SA said its normalized net income for the second quarter amounted to a loss of 38,750 zlotys, compared with a loss of 25,630 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 declined to negative 5.0% from negative 3.5% in the year-earlier period.

Total revenue rose 6.7% year over year to 779,000 zlotys from 730,000 zlotys, and total operating expenses increased 8.7% year over year to 840,000 zlotys from 773,000 zlotys.

Reported net income totaled a loss of 62,000 zlotys, or a loss of 1 groszy per share, compared to a loss of 41,000 zlotys, or a loss of 1 groszy per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 3.80 zlotys.