Maxigen Biotech Inc. said its first-quarter normalized net income came to a loss of 9 Taiwan cents per share, compared with a loss of 11 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 a loss of NT$6.6 million, compared with a loss of NT$7.8 million in the year-earlier period.

The normalized profit margin rose to negative 10.4% from negative 13.9% in the year-earlier period.

Total revenue rose 13.6% on an annual basis to NT$63.3 million from NT$55.7 million, and total operating expenses grew 6.4% from the prior-year period to NT$72.7 million from NT$68.3 million.

Reported net income came to a loss of NT$11.2 million, or a loss of 16 cents per share, compared to a loss of NT$12.9 million, or a loss of 18 cents per share, in the year-earlier period.

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