First Hotel Co. Ltd. said its normalized net income for the first quarter amounted to 19 Taiwan cents per share, an increase of 28.3% from 15 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$93.5 million, a gain of 28.3% from NT$72.9 million in the year-earlier period.

The normalized profit margin rose to 107.9% from 78.4% in the year-earlier period.

Total revenue decreased 6.8% on an annual basis to NT$86.7 million from NT$93.0 million, and total operating expenses declined 20.1% year over year to NT$28.6 million from NT$35.8 million.

Reported net income rose 30.7% on an annual basis to NT$126.5 million, or 26 cents per share, from NT$96.8 million, or 20 cents per share.

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