Lealea Hotels & Resorts Co. Ltd. said its first-quarter normalized net income was a loss of 14 Taiwan cents per share, compared with 37 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 a loss of NT$1.4 million, compared with income of NT$3.7 million in the year-earlier period.

The normalized profit margin dropped to 2.3% from 4.8% in the year-earlier period.

Total revenue climbed 59.3% on an annual basis to NT$124.6 million from NT$78.2 million, and total operating expenses grew 81.3% on an annual basis to NT$132.7 million from NT$73.2 million.

Reported net income came to a loss of NT$5.0 million, or a loss of 50 cents per share, compared to income of NT$5.5 million, or 54 cents per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.