PBC Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to 16.7 million cedis, an increase from 15.9 million cedis in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.7% from 2.3% in the year-earlier period.

Total revenue increased 45.6% year over year to 993.1 million cedis from 681.9 million cedis, and total operating expenses climbed 45.1% on an annual basis to 920.7 million cedis from 634.4 million cedis.

Reported net income rose year over year to 20.0 million cedis, or 4 pesewas per share, from 19.1 million cedis.

As of Jan. 27, US$1 was equivalent to 4.03 cedis.