Paiho Shih Holdings Corp. said its first-quarter normalized net income amounted to 30 Taiwan cents per share, a decline of 9.1% from 33 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$80.5 million, a decrease of 9.0% from NT$88.5 million in the year-earlier period.

The normalized profit margin declined to 10.2% from 11.0% in the year-earlier period.

Total revenue decreased year over year to NT$793.2 million from NT$803.7 million, and total operating expenses climbed on an annual basis to NT$672.7 million from NT$663.2 million.

Reported net income increased from the prior-year period to NT$127.5 million, or 48 cents per share, from NT$125.1 million, or 47 cents per share.

As of May 12, US$1 was equivalent to NT$32.56.