Maxigen Biotech Inc. said its third-quarter normalized net income amounted to a loss of NT$1.7 million, compared with a loss of NT$628,750 in the year-earlier period.

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

The normalized profit margin fell to negative 2.0% from negative 0.9% in the year-earlier period.

Total revenue grew 31.3% on an annual basis to NT$88.1 million from NT$67.1 million, and total operating expenses increased 23.7% year over year to NT$90.1 million from NT$72.8 million.

Reported net income totaled a loss of NT$1.4 million, or a loss of 2 cents per share, compared to a loss of NT$5.7 million, or a loss of 8 cents per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to NT$31.93.