Tipco Foods Public Company Ltd said its normalized net income for the first quarter was 40 satang per share, an increase from 6 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 194.4 million baht, an increase from 30.4 million baht in the prior-year period.

The normalized profit margin increased to 16.9% from 2.2% in the year-earlier period.

Total revenue declined 11.2% year over year to 1.20 billion baht from 1.36 billion baht, and total operating expenses fell 13.2% year over year to 1.21 billion baht from 1.40 billion baht.

Reported net income rose year over year to 318.9 million baht, or 66 satang per share, from 58.9 million baht, or 12 satang per share.

As of May 14, US$1 was equivalent to 33.48 baht.