Mao Bao Inc. said its first-quarter normalized net income amounted to a loss of 2 Taiwan cents per share, compared with 8 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 a loss of NT$703,750, compared with income of NT$3.3 million in the prior-year period.

The normalized profit margin declined to negative 0.5% from 2.3% in the year-earlier period.

Total revenue grew 9.3% on an annual basis to NT$155.2 million from NT$142.0 million, and total operating expenses rose 14.4% year over year to NT$157.0 million from NT$137.2 million.

Reported net income totaled a loss of NT$789,000, or a loss of 2 cents per share, compared to income of NT$3.8 million, or 9 cents per share, in the prior-year period.

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