Toyota Caetano Portugal SA said its normalized net income for the first quarter was €783,830, a rise from €303,640 in the year-earlier period.

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

The normalized profit margin increased to 0.9% from 0.5% in the year-earlier period.

Total revenue rose 12.6% year over year to €74.0 million from €65.7 million, and total operating expenses grew 11.1% on an annual basis to €72.2 million from €65.0 million.

Reported net income grew 31.7% from the prior-year period to €949,420, or 3 cents per share, from €721,040, or 2 cents per share.