JHM Development SA said its normalized net income for the first quarter was 2 groszy per share, a decline of 39.2% from 4 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 1.6 million zlotys, a gain of 65.0% from 997,250 zlotys in the year-earlier period.

The normalized profit margin rose to 9.5% from 5.9% in the year-earlier period.

Total revenue grew on an annual basis to 17.3 million zlotys from 16.9 million zlotys, and total operating expenses came to 14.3 million zlotys, compared with 14.2 million zlotys in the year-earlier period.

Reported net income grew 62.8% from the prior-year period to 2.1 million zlotys, or 3 groszy per share, from 1.3 million zlotys, or 5 groszy per share.

As of May 12, US$1 was equivalent to 3.64 zlotys.