Thai Storage Battery Public Co. Ltd said its first-quarter normalized net income amounted to 67 satang per share, an increase of 25.3% from 53 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.3 million baht, a gain of 25.3% from 10.6 million baht in the prior-year period.

The normalized profit margin climbed to 1.3% from 1.0% in the year-earlier period.

Total revenue fell 9.7% on an annual basis to 985.9 million baht from 1.09 billion baht, and total operating expenses decreased 9.8% on an annual basis to 977.6 million baht from 1.08 billion baht.

Reported net income grew 39.4% on an annual basis to 16.8 million baht, or 84 satang per share, from 12.1 million baht, or 60 satang per share.

As of May 16, US$1 was equivalent to 35.39 baht.