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United International Enterprises Q1 profit climbs 90.1% YOY

United International Enterprises Ltd said its first-quarter normalized net income came to $1.79 per share, an increase of 90.3% from 94 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 $6.3 million, a gain of 90.1% from $3.3 million in the prior-year period.

The normalized profit margin rose to 10.1% from 5.2% in the year-earlier period.

Total revenue decreased on an annual basis to $62.9 million from $64.8 million, and total operating expenses climbed 5.2% from the prior-year period to $44.1 million from $41.9 million.

Reported net income fell 75.8% from the prior-year period to $5.7 million, or $1.62 per share, from $23.7 million, or $6.68 per share.