MH Ethanol Co. Ltd. said its first-quarter normalized net income amounted to 268.45 South Korean won per share, an increase of 36.3% from 197.02 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.98 billion won, a gain of 42.9% from 1.39 billion won in the prior-year period.

The normalized profit margin rose to 16.1% from 12.0% in the year-earlier period.

Total revenue grew 5.9% year over year to 12.27 billion won from 11.60 billion won, and total operating expenses grew on an annual basis to 9.00 billion won from 8.82 billion won.

Reported net income grew 13.4% from the prior-year period to 2.48 billion won, or 335.77 won per share, from 2.18 billion won, or 296.19 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.