Luhai Holding Corp. said its first-quarter normalized net income was 62 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.

EPS increased year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$55.2 million, a gain of 19.1% from NT$46.4 million in the year-earlier period.

The normalized profit margin increased to 8.9% from 7.1% in the year-earlier period.

Total revenue decreased 5.1% year over year to NT$617.4 million from NT$650.8 million, and total operating expenses decreased 9.0% from the prior-year period to NT$530.5 million from NT$583.3 million.

Reported net income rose 15.2% from the prior-year period to NT$67.1 million, or 75 cents per share, from NT$58.3 million, or 75 cents per share.

As of May 10, US$1 was equivalent to NT$32.55.