EST Global Apparel Co. Ltd. said its normalized net income for the first quarter was a loss of NT$1.5 million, compared with a loss of NT$139,380 in the prior-year period.

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

The normalized profit margin fell to negative 8.5% from negative 0.4% in the year-earlier period.

Total revenue declined 45.9% year over year to NT$17.2 million from NT$31.8 million, and total operating expenses fell 36.8% on an annual basis to NT$20.3 million from NT$32.1 million.

Reported net income totaled a loss of NT$2.3 million, or a loss of 12 cents per share, compared to a loss of NT$223,000, or a loss of 1 cents per share, in the prior-year period.

As of May 15, US$1 was equivalent to NT$30.44.