K2 Internet S.A. said its normalized net income for the first quarter was a loss of 32 groszy per share, compared with a loss of 33 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 a loss of 805,630 zlotys, compared with a loss of 826,880 zlotys in the year-earlier period.

The normalized profit margin climbed to negative 4.1% from negative 4.6% in the year-earlier period.

Total revenue rose 6.0% on an annual basis to 19.1 million zlotys from 18.0 million zlotys, and total operating expenses rose 5.4% on an annual basis to 20.3 million zlotys from 19.3 million zlotys.

Reported net income totaled a loss of 1.0 million zlotys, or a loss of 42 groszy per share, compared to a loss of 1.2 million zlotys, or a loss of 48 groszy per share, in the prior-year period.

As of May 16, US$1 was equivalent to 3.85 zlotys.