Monnari Trade SA said its normalized net income for the first quarter came to 7 groszy per share, a gain of 29.1% from 6 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 2.2 million zlotys, an increase of 28.9% from 1.7 million zlotys in the prior-year period.

The normalized profit margin climbed to 5.0% from 4.9% in the year-earlier period.

Total revenue rose 24.9% on an annual basis to 43.8 million zlotys from 35.1 million zlotys, and total operating expenses rose 23.9% year over year to 40.4 million zlotys from 32.6 million zlotys.

Reported net income decreased 53.0% from the prior-year period to 2.9 million zlotys, or 9 groszy per share, from 6.1 million zlotys, or 20 groszy per share.

As of May 12, US$1 was equivalent to 3.64 zlotys.