Pharmena SA said its normalized net income for the first quarter amounted to a loss of 9 groszy per share, compared with a loss of 3 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 827,500 zlotys, compared with a loss of 258,750 zlotys in the year-earlier period.

The normalized profit margin fell to negative 33.5% from negative 6.4% in the year-earlier period.

Total revenue fell 38.6% on an annual basis to 2.5 million zlotys from 4.0 million zlotys, and total operating expenses decreased 20.8% on an annual basis to 3.7 million zlotys from 4.7 million zlotys.

Reported net income came to a loss of 1.4 million zlotys, or a loss of 16 groszy per share, compared to a loss of 688,000 zlotys, or a loss of 8 groszy per share, in the prior-year period.

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