PAL Group Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 amounted to ¥69.76 per share, an increase of 22.8% from ¥56.80 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.53 billion, an increase of 22.8% from ¥1.25 billion in the prior-year period.

The normalized profit margin rose to 5.9% from 5.2% in the year-earlier period.

Total revenue rose 9.2% on an annual basis to ¥26.03 billion from ¥23.84 billion, and total operating expenses rose 7.4% year over year to ¥23.56 billion from ¥21.93 billion.

Reported net income increased 17.6% year over year to ¥1.35 billion, or ¥61.56 per share, from ¥1.15 billion, or ¥52.33 per share.

As of July 14, US$1 was equivalent to ¥101.58.