Agroguachal S.A. said its normalized net income for the first quarter was 8.81 Colombian pesos per share, a gain from 1.96 pesos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 528.8 million pesos, a gain from 117.7 million pesos in the year-earlier period.

The normalized profit margin climbed to 17.8% from 6.6% in the year-earlier period.

Total revenue increased 64.5% on an annual basis to 2.92 billion pesos from 1.77 billion pesos, and total operating expenses rose 31.2% year over year to 2.09 billion pesos from 1.59 billion pesos.

Reported net income grew on an annual basis to 559.4 million pesos, or 9.32 pesos per share, from 123.3 million pesos, or 2.06 pesos per share.

As of May 27, US$1 was equivalent to 3,052.50 Colombian pesos.