Abico Holdings Public Company Ltd said its first-quarter normalized net income was 9 satang per share, a gain of 30.4% from 7 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.8 million baht, a gain of 30.4% from 15.9 million baht in the year-earlier period.

The normalized profit margin climbed to 15.5% from 11.2% in the year-earlier period.

Total revenue fell 5.3% on an annual basis to 134.0 million baht from 141.5 million baht, and total operating expenses declined on an annual basis to 124.6 million baht from 127.3 million baht.

Reported net income rose 25.6% from the prior-year period to 37.5 million baht, or 16 satang per share, from 29.8 million baht, or 13 satang per share.

As of May 14, US$1 was equivalent to 33.48 baht.