PT Pan Brothers Tbk said its first-quarter normalized net income came to $2.7 million, a rise from $584,930 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.0% from 0.8% in the year-earlier period.

Total revenue rose 20.6% year over year to $91.4 million from $75.8 million, and total operating expenses climbed 20.9% on an annual basis to $88.4 million from $73.1 million.

Reported net income increased on an annual basis to $3.4 million, or 0 cents per share, from $681,020, or 0 cents per share.