Fan Milk Ltd. said its normalized net income for the first quarter came to 11 pesewas per share, an increase of 32.7% from 9 pesewas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.1 million cedis, a gain of 32.7% from 9.9 million cedis in the prior-year period.

The normalized profit margin fell to 13.6% from 13.9% in the year-earlier period.

Total revenue rose 35.3% on an annual basis to 96.7 million cedis from 71.5 million cedis, and total operating expenses grew 37.2% year over year to 77.8 million cedis from 56.7 million cedis.

Reported net income grew 33.0% on an annual basis to 15.7 million cedis, or 14 pesewas per share, from 11.8 million cedis, or 10 pesewas per share.

As of April 29, US$1 was equivalent to 3.81 cedis.