Excellence SA said its first-quarter normalized net income was 76,290 zlotys, an increase of 32.0% from 57,810 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 increased to 1.2% from 1.0% in the year-earlier period.

Total revenue increased 15.7% on an annual basis to 6.5 million zlotys from 5.7 million zlotys, and total operating expenses increased 17.4% year over year to 6.5 million zlotys from 5.6 million zlotys.

Reported net income increased 32.0% on an annual basis to 122,060 zlotys, or 1 groszy per share, from 92,500 zlotys.

As of May 15, US$1 was equivalent to 3.54 zlotys.