Oboya Horticulture Industries AB said its first-quarter normalized net income amounted to 18 Swedish öre per share, a gain from 3 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million kronor, a gain from 475,000 kronor in the year-earlier period.

The normalized profit margin rose to 3.5% from 0.6% in the year-earlier period.

Total revenue rose 19.4% year over year to 89.9 million kronor from 75.3 million kronor, and total operating expenses increased 10.0% from the prior-year period to 82.6 million kronor from 75.1 million kronor.

Reported net income grew from the prior-year period to 4.6 million kronor, or 26 öre per share, from 605,100 kronor, or 4 öre per share.

As of May 17, US$1 was equivalent to 8.24 Swedish kronor.