Pamapol SA said its first-quarter normalized net income came to 3 groszy per share, compared with a loss of 5 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 975,630 zlotys, compared with a loss of 1.2 million zlotys in the year-earlier period.

The normalized profit margin rose to 0.9% from negative 1.4% in the year-earlier period.

Total revenue rose 23.8% year over year to 106.6 million zlotys from 86.0 million zlotys, and total operating expenses climbed 20.4% year over year to 104.0 million zlotys from 86.3 million zlotys.

Reported net income came to 739,000 zlotys, or 3 groszy per share, compared to a loss of 2.0 million zlotys, or a loss of 9 groszy per share, in the prior-year period.

As of May 15, US$1 was equivalent to 3.54 zlotys.