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Cannabis Poland SA said its normalized net income for the first quarter came to a loss of 5 groszy per share, compared with a loss of 3 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 81,900 zlotys, compared with a loss of 56,270 zlotys in the prior-year period.

The normalized profit margin dropped to negative 9.9% from negative 7.5% in the year-earlier period.

Total revenue increased 10.1% year over year to 830,490 zlotys from 753,980 zlotys, and total operating expenses increased 14.1% on an annual basis to 964,210 zlotys from 845,280 zlotys.

Reported net income came to a loss of 124,420 zlotys, or a loss of 7 groszy per share, compared to a loss of 90,040 zlotys, or a loss of 5 groszy per share, in the prior-year period.

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