Hotai Motor Co. Ltd. said its normalized net income for the first quarter was NT$3.85 per share, compared with the S&P Capital IQ consensus estimate of NT$4.44 per share.

EPS rose 29.0% year over year from NT$2.98.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$2.10 billion, a gain of 29.1% from NT$1.63 billion in the prior-year period.

The normalized profit margin rose to 4.8% from 4.3% in the year-earlier period.

Total revenue climbed 15.1% year over year to NT$43.48 billion from NT$37.78 billion, and total operating expenses climbed 15.1% year over year to NT$40.56 billion from NT$35.24 billion.

Reported net income rose 32.0% on an annual basis to NT$2.96 billion, or NT$5.41 per share, from NT$2.24 billion, or NT$4.10 per share.

As of May 14, US$1 was equivalent to NT$30.54.