IT CITY Public Company Ltd said its first-quarter normalized net income amounted to 1.2 million baht, a decrease of 29.0% from 1.7 million baht in the prior-year period.

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

The normalized profit margin dropped to 0.1% from 0.1% in the year-earlier period.

Total revenue grew 5.2% year over year to 1.28 billion baht from 1.22 billion baht, and total operating expenses climbed 5.1% year over year to 1.28 billion baht from 1.22 billion baht.

Reported net income fell 25.0% from the prior-year period to 2.1 million baht, or 1 satang per share, from 2.8 million baht, or 1 satang per share.

As of May 11, US$1 was equivalent to 35.21 baht.