Verbicom S.A. said its first-quarter normalized net income was 108,300 zlotys, a gain of 85.5% from 58,390 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.9% from 0.6% in the year-earlier period.

Total revenue fell 42.5% on an annual basis to 5.7 million zlotys from 9.8 million zlotys, and total operating expenses decreased 43.8% on an annual basis to 5.5 million zlotys from 9.8 million zlotys.

Reported net income grew 26.2% from the prior-year period to 95,400 zlotys, or 1 groszy per share, from 75,600 zlotys, or 1 groszy per share.

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