Shui-Mu International Co. Ltd. said its normalized net income for the first quarter amounted to 20 Taiwan cents per share, a decline of 41.5% from 34 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 NT$13.4 million, a decline of 35.4% from NT$20.8 million in the year-earlier period.
The normalized profit margin declined to 2.3% from 2.5% in the year-earlier period.
Total revenue decreased 31.4% year over year to NT$581.6 million from NT$847.7 million, and total operating expenses fell 30.9% year over year to NT$560.6 million from NT$811.1 million.
Reported net income declined 39.2% from the prior-year period to NT$18.1 million, or 27 cents per share, from NT$29.7 million, or 49 cents per share.
As of May 13, US$1 was equivalent to NT$30.62.
