Kwong Fong Industries Corp. said its normalized net income for the first quarter was 96 Taiwan cents per share, an increase from 47 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$179.0 million, an increase from NT$86.4 million in the prior-year period.

The normalized profit margin declined to 8.9% from 9.9% in the year-earlier period.

Total revenue grew year over year to NT$2.02 billion from NT$869.6 million, and total operating expenses increased year over year to NT$1.71 billion from NT$756.7 million.

Reported net income increased year over year to NT$386.0 million, or NT$2.08 per share, from NT$156.7 million, or 85 cents per share.

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