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Ivrnet Q1 profit climbs 54.8% YOY

Ivrnet Inc. said its first-quarter normalized net income was C$28,640, a gain of 54.8% from C$18,500 in the year-earlier period.

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

The normalized profit margin rose to 4.0% from 2.3% in the year-earlier period.

Total revenue declined 10.7% on an annual basis to C$722,420 from C$808,780, and total operating expenses came to C$723,360, compared with C$726,220 in the year-earlier period.

Reported net income increased 54.8% from the prior-year period to C$46,190, or 0 cents per share, from C$29,840, or 0 cents per share.