Kwong Lung Enterprise Co. Ltd. said its first-quarter normalized net income amounted to a loss of NT$1.0 million, compared with a loss of NT$39.4 million in the prior-year period.

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

The normalized profit margin increased to negative 0.1% from negative 2.6% in the year-earlier period.

Total revenue grew 7.8% on an annual basis to NT$1.66 billion from NT$1.54 billion, and total operating expenses grew year over year to NT$1.68 billion from NT$1.60 billion.

Reported net income came to a loss of NT$13.8 million, or a loss of 13 cents per share, compared to a loss of NT$24.1 million, or a loss of 23 cents per share, in the year-earlier period.

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