Hup Seng Industries Bhd. said its first-quarter normalized net income amounted to 1 Malaysian sen per share, a gain of 36.6% from 1 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.1 million ringgits, an increase of 36.3% from 8.2 million ringgits in the prior-year period.

The normalized profit margin increased to 15.6% from 12.7% in the year-earlier period.

Total revenue increased 10.3% on an annual basis to 71.1 million ringgits from 64.5 million ringgits, and total operating expenses climbed from the prior-year period to 53.3 million ringgits from 51.4 million ringgits.

Reported net income increased 38.4% year over year to 13.2 million ringgits, or 2 sen per share, from 9.6 million ringgits, or 1 sen per share.

As of May 19, US$1 was equivalent to 3.61 ringgits.