Ten Ren Tea Co. Ltd. said its normalized net income for the first quarter amounted to 50 Taiwan cents per share, a decline of 20.1% from 63 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 NT$45.5 million, a decline of 20.1% from NT$56.9 million in the prior-year period.

The normalized profit margin dropped to 8.0% from 10.2% in the year-earlier period.

Total revenue climbed on an annual basis to NT$565.9 million from NT$556.7 million, and total operating expenses climbed 5.7% on an annual basis to NT$494.9 million from NT$468.1 million.

Reported net income decreased 28.2% from the prior-year period to NT$59.8 million, or 66 cents per share, from NT$83.3 million, or 92 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.