Tipco Foods Public Company Ltd said its normalized net income for the first quarter amounted to 45 satang per share, an increase of 11.9% from 40 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 217.5 million baht, an increase of 11.9% from 194.4 million baht in the year-earlier period.

The normalized profit margin fell to 15.5% from 16.9% in the year-earlier period.

Total revenue grew 22.5% year over year to 1.41 billion baht from 1.15 billion baht, and total operating expenses climbed 22.3% from the prior-year period to 1.32 billion baht from 1.08 billion baht.

Reported net income increased 9.1% on an annual basis to 347.9 million baht, or 72 satang per share, from 318.9 million baht, or 66 satang per share.

As of May 13, US$1 was equivalent to 35.48 baht.