Duty Free International Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to 10.2 million ringgits, a gain from 9.8 million ringgits in the year-earlier period.

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

The normalized profit margin dropped to 8.0% from 8.1% in the year-earlier period.

Total revenue rose 5.7% year over year to 128.3 million ringgits from 121.4 million ringgits, and total operating expenses grew 6.0% year over year to 112.9 million ringgits from 106.5 million ringgits.

Reported net income rose 5.1% on an annual basis to 11.8 million ringgits, or 1 sen per share, from 11.3 million ringgits, or 1 sen per share.

As of July 14, US$1 was equivalent to 3.18 ringgits.