Eminent Luggage Corp. said its first-quarter normalized net income came to 8 Taiwan cents per share, a decline of 49.3% from 16 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$5.7 million, a decrease of 49.3% from NT$11.2 million in the year-earlier period.

The normalized profit margin declined to 0.7% from 1.4% in the year-earlier period.

Total revenue grew on an annual basis to NT$809.9 million from NT$772.6 million, and total operating expenses grew year over year to NT$797.2 million from NT$765.8 million.

Reported net income declined 79.2% on an annual basis to NT$3.3 million, or 4 cents per share, from NT$15.7 million, or 22 cents per share.

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