Ideal Bike Corp. said its normalized net income for the first quarter was 15 Taiwan cents per share, a gain of 5.0% from 14 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$24.7 million, an increase of 9.2% from NT$22.6 million in the prior-year period.

The normalized profit margin declined to 1.7% from 1.9% in the year-earlier period.

Total revenue rose 27.7% on an annual basis to NT$1.49 billion from NT$1.17 billion, and total operating expenses increased 24.0% from the prior-year period to NT$1.41 billion from NT$1.14 billion.

Reported net income rose 39.3% from the prior-year period to NT$36.8 million, or 22 cents per share, from NT$26.4 million, or 17 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.