Taiwan Sanyo Electric Co. Ltd. said its first-quarter normalized net income was 21 Taiwan cents per share, an increase from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$53.9 million, a gain from NT$4.7 million in the prior-year period.

The normalized profit margin rose to 3.6% from 0.4% in the year-earlier period.

Total revenue rose 37.4% on an annual basis to NT$1.48 billion from NT$1.08 billion, and total operating expenses rose 29.8% from the prior-year period to NT$1.40 billion from NT$1.08 billion.

Reported net income increased on an annual basis to NT$70.2 million, or 27 cents per share, from NT$7.8 million, or 3 cents per share.

As of May 13, US$1 was equivalent to NT$32.68.