National Petroleum Co. Ltd. said its first-quarter normalized net income was 18 Taiwan cents per share, a decline of 9.0% from 20 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$55.9 million, a decrease of 9.0% from NT$61.5 million in the prior-year period.

The normalized profit margin rose to 1.1% from 0.8% in the year-earlier period.

Total revenue declined 30.4% on an annual basis to NT$5.03 billion from NT$7.23 billion, and total operating expenses declined 30.6% on an annual basis to NT$4.97 billion from NT$7.16 billion.

Reported net income fell 10.5% from the prior-year period to NT$74.4 million, or 24 cents per share, from NT$83.1 million, or 27 cents per share.

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