Dolphin Cove Ltd said its first-quarter normalized net income was J$1.0 million, a rise of 22.7% from J$822,030 in the prior-year period.

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

The normalized profit margin rose to 23.5% from 20.1% in the year-earlier period.

Total revenue grew on an annual basis to J$4.3 million from J$4.1 million, and total operating expenses fell on an annual basis to J$2.7 million from J$2.8 million.

Reported net income rose 31.8% from the prior-year period to J$1.5 million, or 0 cents per share, from J$1.2 million, or 0 cents per share.

As of May 10, US$1 was equivalent to J$122.95.