Browar Czarnków SA said its first-quarter normalized net income was a loss of 3 groszy per share, compared with a loss of 1.09 zlotys 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 178,250 zlotys, compared with a loss of 1.7 million zlotys in the prior-year period.

The normalized profit margin rose to negative 9.2% from negative 75.1% in the year-earlier period.

Total revenue fell 15.2% year over year to 1.9 million zlotys from 2.3 million zlotys, and total operating expenses decreased 59.8% on an annual basis to 2.0 million zlotys from 5.0 million zlotys.

Reported net income came to a loss of 291,140 zlotys, or a loss of 5 groszy per share, compared to a loss of 2.7 million zlotys, or a loss of 1.74 zlotys per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 3.64 zlotys.