Prima Moda SA said its normalized net income for the first quarter was a loss of 35 groszy per share, compared with a loss of 30 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 a loss of 1.1 million zlotys, compared with a loss of 951,250 zlotys in the year-earlier period.

The normalized profit margin declined to negative 12.7% from negative 8.8% in the year-earlier period.

Total revenue fell 19.3% year over year to 8.8 million zlotys from 10.8 million zlotys, and total operating expenses declined 13.0% year over year to 10.7 million zlotys from 12.3 million zlotys.

Reported net income totaled a loss of 1.8 million zlotys, or a loss of 56 groszy per share, compared to a loss of 1.5 million zlotys, or a loss of 48 groszy per share, in the prior-year period.

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