In Win Development Inc. said its first-quarter normalized net income was a loss of 31 Taiwan cents per share, compared with a loss of 40 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$27.5 million, compared with a loss of NT$35.0 million in the year-earlier period.

The normalized profit margin increased to negative 5.3% from negative 7.7% in the year-earlier period.

Total revenue climbed 14.6% on an annual basis to NT$523.5 million from NT$456.8 million, and total operating expenses climbed 11.6% on an annual basis to NT$569.1 million from NT$509.8 million.

Reported net income came to a loss of NT$41.7 million, or a loss of 47 cents per share, compared to a loss of NT$53.2 million, or a loss of 60 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.