MoneyMax Financial Services Ltd. said its first-quarter normalized net income came to S$1.1 million, a gain of 77.8% from S$621,130 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 3.8% from 2.8% in the year-earlier period.

Total revenue increased 27.6% year over year to S$28.7 million from S$22.5 million, and total operating expenses rose 25.1% from the prior-year period to S$26.0 million from S$20.8 million.

Reported net income grew year over year to S$1.6 million, or 0 cents per share, from S$707,600, or 0 cents per share.

As of May 12, US$1 was equivalent to S$1.37.