Shuttle Inc. said its first-quarter normalized net income came to a loss of 11 Taiwan cents per share, compared with a loss of 18 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$37.5 million, compared with a loss of NT$61.3 million in the year-earlier period.

The normalized profit margin rose to negative 4.2% from negative 5.2% in the year-earlier period.

Total revenue declined 24.2% on an annual basis to NT$887.5 million from NT$1.17 billion, and total operating expenses fell 24.6% year over year to NT$960.8 million from NT$1.27 billion.

Reported net income came to a loss of NT$57.0 million, or a loss of 17 cents per share, compared to a loss of NT$86.3 million, or a loss of 25 cents per share, in the prior-year period.

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