mPay SA said its first-quarter normalized net income amounted to 51,880 zlotys, a fall of 43.9% from 92,500 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 declined to 5.0% from 20.5% in the year-earlier period.
Total revenue grew year over year to 1.0 million zlotys from 451,000 zlotys, and total operating expenses grew year over year to 956,000 zlotys from 303,000 zlotys.
Reported net income fell 43.9% from the prior-year period to 83,000 zlotys, or 0 groszy per share, from 148,000 zlotys, or 0 groszy per share.
As of May 16, US$1 was equivalent to 3.85 zlotys.