Pou Sheng International (Holdings) Ltd said its first-quarter normalized net income came to $148.6 million, a gain from $59.4 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 3.7% from 1.7% in the year-earlier period.

Total revenue increased 11.3% year over year to $4.00 billion from $3.60 billion, and total operating expenses climbed 7.5% from the prior-year period to $3.73 billion from $3.47 billion.

Reported net income came to $147.1 million, compared with $55.3 million in the prior-year period.