Taiwan Tea Corp. said its normalized net income for the third quarter came to 3 Taiwan cents per share, a decline of 49.3% from 5 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$20.7 million, a decrease of 45.0% from NT$37.6 million in the year-earlier period.

The normalized profit margin climbed to 10.8% from 7.8% in the year-earlier period.

Total revenue fell 60.2% year over year to NT$192.0 million from NT$482.8 million, and total operating expenses fell 62.1% from the prior-year period to NT$146.8 million from NT$387.0 million.

Reported net income decreased 23.4% on an annual basis to NT$187.5 million, or 24 cents per share, from NT$244.9 million, or 34 cents per share.

As of Nov. 11, US$1 was equivalent to NT$32.72.