Castle Group Inc. said its normalized net income for the first quarter came to $100,530, a decline of 22.4% from $129,490 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.6% from 2.1% in the year-earlier period.

Total revenue grew 6.0% year over year to $6.5 million from $6.1 million, and total operating expenses rose 6.6% on an annual basis to $6.2 million from $5.8 million.

Reported net income totaled $104,250, or 1 cents per share, compared to $104,150, or 1 cents per share, in the year-earlier period.