Swedol AB said its first-quarter normalized net income was 2.3 million kronor, an increase from 437,500 kronor 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 0.7% from 0.1% in the year-earlier period.

Total revenue rose 6.3% year over year to 336.2 million kronor from 316.2 million kronor, and total operating expenses grew year over year to 328.6 million kronor from 317.4 million kronor.

Reported net income rose from the prior-year period to 2.9 million kronor, or 5 öre per share, from 500,000 kronor, or 1 öre per share.

As of May 20, US$1 was equivalent to 8.36 Swedish kronor.