Hortifrut SA said its normalized net income for the first quarter amounted to 2 cents per share, a gain of 13.6% from 2 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 $9.7 million, an increase of 13.6% from $8.6 million in the prior-year period.

The normalized profit margin fell to 5.3% from 5.8% in the year-earlier period.

Total revenue rose 8.7% on an annual basis to $161.6 million from $148.7 million, and total operating expenses increased 6.4% from the prior-year period to $140.2 million from $131.8 million.

Reported net income rose 9.6% from the prior-year period to $11.7 million, or 3 cents per share, from $10.6 million, or 2 cents per share.