Hwa Fong Rubber Ind. Co. Ltd. said its first-quarter normalized net income came to 15 Taiwan cents per share, a decline from 15 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$51.1 million, compared with NT$51.5 million in the year-earlier period.

The normalized profit margin rose to 3.3% from 2.9% in the year-earlier period.

Total revenue decreased 10.7% year over year to NT$1.57 billion from NT$1.76 billion, and total operating expenses declined 12.0% on an annual basis to NT$1.38 billion from NT$1.57 billion.

Reported net income rose 26.8% on an annual basis to NT$62.2 million, or 18 cents per share, from NT$49.1 million, or 15 cents per share.

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