Przedsiebiorstwa Telekomunikacyjnego TELGAM S.A. said its first-quarter normalized net income came to a loss of 18,010 zlotys, compared with a loss of 21,270 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 4.3% from negative 5.9% in the year-earlier period.

Total revenue grew 14.7% on an annual basis to 416,280 zlotys from 362,930 zlotys, and total operating expenses rose 10.2% from the prior-year period to 435,550 zlotys from 395,350 zlotys.

Reported net income came to a loss of 28,810 zlotys, or a loss of 0 groszy per share, compared to a loss of 34,030 zlotys, or a loss of 0 groszy per share, in the year-earlier period.

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