JHM Development SA said its normalized net income for the first quarter came to 2 groszy per share, a decrease of 17.2% from 2 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 1.3 million zlotys, a decline of 18.6% from 1.6 million zlotys in the year-earlier period.

The normalized profit margin increased to 9.7% from 9.5% in the year-earlier period.

Total revenue decreased 20.8% year over year to 13.7 million zlotys from 17.3 million zlotys, and total operating expenses declined 22.7% year over year to 11.0 million zlotys from 14.3 million zlotys.

Reported net income declined 16.1% from the prior-year period to 1.8 million zlotys, or 3 groszy per share, from 2.1 million zlotys, or 3 groszy per share.

As of May 11, US$1 was equivalent to 3.87 zlotys.