Royal Holdings Co. Ltd. said its normalized net income for the first quarter was ¥11.73 per share, compared with ¥11.66 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥452.4 million, compared with ¥449.6 million in the year-earlier period.

The normalized profit margin dropped to 1.5% from 1.5% in the year-earlier period.

Total revenue grew year over year to ¥30.50 billion from ¥29.32 billion, and total operating expenses climbed from the prior-year period to ¥29.76 billion from ¥28.59 billion.

Reported net income grew 8.5% year over year to ¥345.0 million, or ¥8.95 per share, from ¥318.0 million, or ¥8.25 per share.

As of May 14, US$1 was equivalent to ¥119.24.