Kingland Property Corp. Ltd. said its normalized net income for the first quarter was a loss of 19 Taiwan cents per share, compared with a loss of 20 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$16.7 million, compared with a loss of NT$17.3 million in the prior-year period.

Total revenue fell 55.9% on an annual basis to NT$3.4 million from NT$7.8 million, and total operating expenses came to NT$27.7 million, compared with NT$27.8 million in the prior-year period.

Reported net income came to a loss of NT$37.0 million, or a loss of 43 cents per share, compared to a loss of NT$28.6 million, or a loss of 33 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.