PPB Group Bhd. said its normalized net income for the first quarter was 14 Malaysian sen per share, a gain of 68.2% from 8 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 164.8 million ringgits, a gain of 68.2% from 98.0 million ringgits in the prior-year period.

The normalized profit margin rose to 16.9% from 11.1% in the year-earlier period.

Total revenue climbed 10.6% on an annual basis to 977.0 million ringgits from 883.2 million ringgits, and total operating expenses rose 12.9% on an annual basis to 939.8 million ringgits from 832.3 million ringgits.

Reported net income increased 61.4% on an annual basis to 232.9 million ringgits, or 20 sen per share, from 144.3 million ringgits, or 12 sen per share.

As of May 21, US$1 was equivalent to 3.60 ringgits.