Renjie Oldsichuan Catering Management Consultant Co. Ltd. said its normalized net income for the first quarter amounted to 45 Taiwan cents per share, a decline of 59.0% from NT$1.10 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$8.6 million, a decrease of 58.5% from NT$20.7 million in the year-earlier period.

The normalized profit margin dropped to 5.1% from 12.0% in the year-earlier period.

Total revenue fell year over year to NT$167.5 million from NT$172.3 million, and total operating expenses climbed 11.4% from the prior-year period to NT$155.3 million from NT$139.4 million.

Reported net income fell 58.3% year over year to NT$11.4 million, or 60 cents per share, from NT$27.4 million, or NT$1.46 per share.

As of May 18, US$1 was equivalent to NT$30.49.