Tong-Hwa Synthetic Fiber Co. Ltd. said its normalized net income for the first quarter was a loss of 88 Taiwan cents per share, compared with a loss of 60 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$38.0 million, compared with a loss of NT$26.0 million in the year-earlier period.

The normalized profit margin fell to negative 11.8% from negative 6.2% in the year-earlier period.

Total revenue declined 23.5% year over year to NT$321.9 million from NT$421.0 million, and total operating expenses declined 16.9% on an annual basis to NT$378.6 million from NT$455.5 million.

Reported net income totaled a loss of NT$61.8 million, or a loss of NT$1.44 per share, compared to a loss of NT$41.9 million, or a loss of 98 cents per share, in the prior-year period.

As of May 15, US$1 was equivalent to NT$30.44.