Grand Ocean Retail Group Ltd. said its normalized net income for the first quarter was NT$1.70 per share, compared with the S&P Capital IQ consensus estimate of NT$1.89 per share.

EPS increased 9.2% year over year from NT$1.56.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$336.3 million, a gain of 8.1% from NT$311.0 million in the year-earlier period.

The normalized profit margin rose to 18.4% from 15.3% in the year-earlier period.

Total revenue rose 5.3% on an annual basis to NT$2.14 billion from NT$2.03 billion, and total operating expenses grew year over year to NT$1.58 billion from NT$1.54 billion.

Reported net income rose on an annual basis to NT$383.3 million, or NT$1.94 per share, from NT$367.3 million, or NT$1.84 per share.

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