Wilbo S.A. said its first-quarter normalized net income amounted to 3,130 zlotys, a decline of 87.2% from 24,380 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 fell to 0.0% from 0.3% in the year-earlier period.

Total revenue decreased on an annual basis to 8.7 million zlotys from 9.1 million zlotys, and total operating expenses decreased on an annual basis to 8.6 million zlotys from 9.0 million zlotys.

Reported net income fell 87.2% from the prior-year period to 5,000 zlotys, or 0 groszy per share, from 39,000 zlotys, or 0 groszy per share.

As of May 12, US$1 was equivalent to 3.87 zlotys.