Makarony Polskie SA said its first-quarter normalized net income was 12 groszy per share, a gain of 7.0% from 11 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 1.1 million zlotys, an increase of 6.6% from 1.1 million zlotys in the year-earlier period.

The normalized profit margin rose to 3.6% from 3.5% in the year-earlier period.

Total revenue climbed on an annual basis to 31.7 million zlotys from 30.7 million zlotys, and total operating expenses grew from the prior-year period to 29.6 million zlotys from 28.7 million zlotys.

Reported net income grew 14.9% on an annual basis to 1.4 million zlotys, or 15 groszy per share, from 1.2 million zlotys, or 13 groszy per share.

As of May 11, US$1 was equivalent to 3.87 zlotys.