King Chou Marine Technology Co. Ltd. said its first-quarter normalized net income amounted to 72 Taiwan cents per share, a gain from 27 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$61.1 million, an increase from NT$22.7 million in the prior-year period.

The normalized profit margin climbed to 9.1% from 3.8% in the year-earlier period.

Total revenue grew 11.6% year over year to NT$670.3 million from NT$600.6 million, and total operating expenses came to NT$571.5 million, compared with NT$566.0 million in the year-earlier period.

Reported net income increased year over year to NT$98.0 million, or NT$1.16 per share, from NT$32.1 million, or 38 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.