Tainan Enterprises Co. Ltd. said its first-quarter normalized net income was 57 Taiwan cents per share, a decline of 24.7% from 76 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 NT$83.8 million, a decrease of 24.7% from NT$111.3 million in the prior-year period.

The normalized profit margin dropped to 3.3% from 4.1% in the year-earlier period.

Total revenue declined 7.7% on an annual basis to NT$2.50 billion from NT$2.71 billion, and total operating expenses decreased 8.1% from the prior-year period to NT$2.48 billion from NT$2.70 billion.

Reported net income decreased 16.4% year over year to NT$67.2 million, or 46 cents per share, from NT$80.3 million, or 55 cents per share.

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