Interferie SA said its first-quarter normalized net income was 38,750 zlotys, a decrease of 93.3% from 576,250 zlotys in the year-earlier period.

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

The normalized profit margin fell to 0.4% from 6.1% in the year-earlier period.

Total revenue grew 7.8% on an annual basis to 10.3 million zlotys from 9.5 million zlotys, and total operating expenses grew 5.9% year over year to 10.3 million zlotys from 9.7 million zlotys.

Reported net income fell 92.1% from the prior-year period to 69,000 zlotys, or 0 groszy per share, from 869,000 zlotys, or 6 groszy per share.

As of April 22, US$1 was equivalent to 3.88 zlotys.