Seprod Ltd said its first-quarter normalized net income amounted to 49 Jamaican cents per share, a gain of 23.0% from 39 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 J$250.4 million, an increase of 23.0% from J$203.6 million in the prior-year period.

The normalized profit margin rose to 6.8% from 5.0% in the year-earlier period.

Total revenue declined 10.0% year over year to J$3.68 billion from J$4.09 billion, and total operating expenses fell 12.7% from the prior-year period to J$3.38 billion from J$3.87 billion.

Reported net income increased 14.5% year over year to J$260.9 million, or 51 cents per share, from J$228.0 million, or 44 cents per share.

As of May 3, US$1 was equivalent to J$122.66.