North Coast S.A. said its normalized net income for the second quarter was a loss of 4 groszy per share, compared with a loss of 2 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 120,380 zlotys, compared with a loss of 49,630 zlotys in the year-earlier period.

The normalized profit margin fell to negative 0.3% from negative 0.1% in the year-earlier period.

Total revenue fell 6.8% on an annual basis to 39.3 million zlotys from 42.1 million zlotys, and total operating expenses decreased 6.4% on an annual basis to 38.3 million zlotys from 41.0 million zlotys.

Reported net income came to a loss of 183,000 zlotys, or a loss of 6 groszy per share, compared to income of 154,000 zlotys, or 5 groszy per share, in the prior-year period.

As of Aug. 31, US$1 was equivalent to 3.91 zlotys.