Elkop SA said its first-quarter normalized net income came to 2 groszy per share, a decline of 64.1% from 5 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 237,500 zlotys, a decline of 66.9% from 718,130 zlotys in the year-earlier period.

The normalized profit margin fell to 21.3% from 51.3% in the year-earlier period.

Total revenue declined 20.4% year over year to 1.1 million zlotys from 1.4 million zlotys, and total operating expenses fell 22.6% year over year to 801,000 zlotys from 1.0 million zlotys.

Reported net income declined 71.5% year over year to 278,920 zlotys, or 2 groszy per share, from 979,000 zlotys, or 6 groszy per share.

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