Vietnam Manufacturing and Export Processing (Holdings) Ltd said its first-quarter normalized net income amounted to $58,930, compared with a loss of $1.3 million in the year-earlier period.

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

The normalized profit margin climbed to 0.2% from negative 3.5% in the year-earlier period.

Total revenue decreased 23.6% year over year to $28.8 million from $37.6 million, and total operating expenses decreased 27.4% on an annual basis to $29.5 million from $40.6 million.

Reported net income came to $72,910, compared with a loss of $2.2 million in the prior-year period.