Wolfs Development S.A. said its first-quarter normalized net income was a loss of 95,100 zlotys, compared with income of 8,770 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 declined to negative 20.8% from 1.7% in the year-earlier period.

Total revenue declined 11.9% on an annual basis to 458,190 zlotys from 519,930 zlotys, and total operating expenses rose 17.7% from the prior-year period to 592,580 zlotys from 503,540 zlotys.

Reported net income came to a loss of 152,160 zlotys, or a loss of 4 groszy per share, compared to income of 14,030 zlotys, or 0 groszy per share, in the prior-year period.

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