HotLand Co. Ltd. said its normalized net income for the first quarter was ¥19.65 per share, a gain of 34.8% from ¥14.58 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥365.3 million, a gain of 53.4% from ¥238.1 million in the year-earlier period.

The normalized profit margin climbed to 4.7% from 3.6% in the year-earlier period.

Total revenue grew 16.3% on an annual basis to ¥7.70 billion from ¥6.62 billion, and total operating expenses rose 15.0% on an annual basis to ¥7.12 billion from ¥6.20 billion.

Reported net income grew 25.3% on an annual basis to ¥246.3 million, or ¥13.25 per share, from ¥196.5 million, or ¥12.03 per share.

As of May 14, US$1 was equivalent to ¥119.24.