Master Pharm SA said its third-quarter normalized net income amounted to 1.5 million zlotys, a gain of 5.1% from 1.4 million zlotys in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 14.9% from 11.8% in the year-earlier period.

Total revenue fell 17.7% on an annual basis to 10.0 million zlotys from 12.1 million zlotys, and total operating expenses fell 22.3% year over year to 7.7 million zlotys from 9.9 million zlotys.

Reported net income rose 9.7% on an annual basis to 2.0 million zlotys, or 9 groszy per share, from 1.8 million zlotys.

As of Nov. 8, US$1 was equivalent to 3.92 zlotys.