Chang-Ho Fibre Corp. said its first-quarter normalized net income came to a loss of 3 Taiwan cents per share, compared with a loss of 6 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$4.3 million, compared with a loss of NT$9.3 million in the prior-year period.

The normalized profit margin rose to negative 2.5% from negative 4.5% in the year-earlier period.

Total revenue declined 16.9% year over year to NT$172.4 million from NT$207.4 million, and total operating expenses declined 26.8% from the prior-year period to NT$172.6 million from NT$235.9 million.

Reported net income totaled a loss of NT$8.0 million, or a loss of 5 cents per share, compared to a loss of NT$17.6 million, or a loss of 11 cents per share, in the year-earlier period.

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