Hu Lane Associate Inc. said its normalized net income for the first quarter amounted to NT$1.54 per share, compared with the S&P Capital IQ consensus estimate of NT$2.11 per share.

In the prior-year period, the per-share result was a profit of NT$1.54.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$150.3 million, compared with NT$150.8 million in the prior-year period.

The normalized profit margin fell to 17.8% from 20.0% in the year-earlier period.

Total revenue grew 11.8% year over year to NT$843.6 million from NT$754.7 million, and total operating expenses grew 11.8% from the prior-year period to NT$586.7 million from NT$525.0 million.

Reported net income decreased 7.0% from the prior-year period to NT$184.5 million, or NT$1.89 per share, from NT$198.4 million, or NT$2.03 per share.

As of May 14, US$1 was equivalent to NT$30.54.