Cyfrowe Centrum Serwisowe SpA said its normalized net income for the first quarter was 97,950 zlotys, a decline of 79.1% from 469,090 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 fell to 0.3% from 1.2% in the year-earlier period.

Total revenue declined 11.0% on an annual basis to 34.7 million zlotys from 39.0 million zlotys, and total operating expenses declined 11.3% year over year to 34.1 million zlotys from 38.5 million zlotys.

Reported net income declined 83.9% from the prior-year period to 88,500 zlotys, or 1 groszy per share, from 551,100 zlotys, or 3 groszy per share.

As of May 16, US$1 was equivalent to 3.85 zlotys.