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First Resources Q3 profit climbs 38.4% YOY

First Resources Ltd. said its normalized net income for the third quarter amounted to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS increased 38.5% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $33.1 million, a gain of 38.4% from $23.9 million in the year-earlier period.

The normalized profit margin dropped to 21.8% from 22.2% in the year-earlier period.

Total revenue increased 40.6% on an annual basis to $151.5 million from $107.8 million, and total operating expenses increased 50.6% on an annual basis to $87.8 million from $58.3 million.

Reported net income grew 26.3% on an annual basis to $35.8 million, or 2 cents per share, from $28.4 million, or 2 cents per share.