Carabao Group Public Company Ltd said its normalized net income for the first quarter amounted to 28 satang per share, an increase of 21.2% from 23 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 277.6 million baht, an increase of 21.2% from 229.0 million baht in the year-earlier period.

The normalized profit margin fell to 13.2% from 13.3% in the year-earlier period.

Total revenue climbed 22.1% year over year to 2.10 billion baht from 1.72 billion baht, and total operating expenses rose 21.5% year over year to 1.67 billion baht from 1.37 billion baht.

Reported net income grew 20.3% year over year to 376.0 million baht, or 38 satang per share, from 312.5 million baht, or 31 satang per share.

As of May 13, US$1 was equivalent to 35.48 baht.