President Bakery Public Company Ltd said its normalized net income for the first quarter was 50 satang per share, an increase of 21.2% from 41 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 225.8 million baht, a gain of 21.2% from 186.3 million baht in the year-earlier period.

The normalized profit margin climbed to 12.5% from 11.1% in the year-earlier period.

Total revenue grew 6.8% on an annual basis to 1.80 billion baht from 1.69 billion baht, and total operating expenses grew on an annual basis to 1.44 billion baht from 1.39 billion baht.

Reported net income increased 20.7% from the prior-year period to 325.8 million baht, or 72 satang per share, from 269.9 million baht, or 60 satang per share.

As of May 12, US$1 was equivalent to 35.33 baht.