Toyota Caetano Portugal SA said its first-quarter normalized net income amounted to 3 euro cents per share, an increase of 22.6% from 2 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 €875,720, an increase of 21.9% from €718,650 in the prior-year period.

The normalized profit margin declined to 0.8% from 0.9% in the year-earlier period.

Total revenue grew on an annual basis to €86.9 million from €83.5 million, and total operating expenses rose on an annual basis to €85.1 million from €81.8 million.

Reported net income rose from the prior-year period to €973,900, or 3 cents per share, from €949,420, or 3 cents per share.