Excellence SA said its first-quarter normalized net income amounted to 137,560 zlotys, an increase of 80.3% from 76,290 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 rose to 1.7% from 1.2% in the year-earlier period.

Total revenue increased 25.8% on an annual basis to 8.2 million zlotys from 6.5 million zlotys, and total operating expenses climbed 22.7% year over year to 8.0 million zlotys from 6.5 million zlotys.

Reported net income increased 34.7% on an annual basis to 164,440 zlotys, or 1 groszy per share, from 122,060 zlotys, or 1 groszy per share.

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