Hung Chou Fiber Ind. Co. Ltd. said its first-quarter normalized net income was a loss of 2 Taiwan cents per share, compared with a loss of 23 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$2.1 million, compared with a loss of NT$23.1 million in the prior-year period.

The normalized profit margin increased to negative 0.5% from negative 4.0% in the year-earlier period.

Total revenue decreased 19.7% on an annual basis to NT$465.7 million from NT$579.6 million, and total operating expenses declined 23.7% on an annual basis to NT$466.9 million from NT$611.8 million.

Reported net income came to a loss of NT$3.3 million, or a loss of 3 cents per share, compared to a loss of NT$32.8 million, or a loss of 32 cents per share, in the prior-year period.

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