Igoria Trade S.A. said its first-quarter normalized net income came to 25,130 zlotys, a decline of 79.1% from 120,200 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 fell to 3.2% from 29.4% in the year-earlier period.
Total revenue climbed 89.6% on an annual basis to 774,140 zlotys from 408,200 zlotys, and total operating expenses climbed from the prior-year period to 738,500 zlotys from 277,530 zlotys.
Reported net income declined 79.1% from the prior-year period to 40,210 zlotys, or 0 groszy per share, from 192,310 zlotys, or 1 groszy per share.
As of May 13, US$1 was equivalent to 3.90 zlotys.