Redan SA said its normalized net income for the first quarter was a loss of 9 groszy per share, compared with a loss of 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 a loss of 3.3 million zlotys, compared with a loss of 1.3 million zlotys in the prior-year period.
The normalized profit margin fell to negative 2.8% from negative 1.2% in the year-earlier period.
Total revenue increased 10.5% on an annual basis to 114.6 million zlotys from 103.8 million zlotys, and total operating expenses increased 12.6% year over year to 117.9 million zlotys from 104.8 million zlotys.
Reported net income came to a loss of 5.7 million zlotys, or a loss of 16 groszy per share, compared to a loss of 2.6 million zlotys, or a loss of 10 groszy per share, in the year-earlier period.
As of May 14, US$1 was equivalent to 3.57 zlotys.
