Leofoo Development Co. Ltd. said its first-quarter normalized net income came to a loss of 13 Taiwan cents per share, compared with a loss of 1 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$43.1 million, compared with a loss of NT$4.9 million in the prior-year period.

The normalized profit margin dropped to negative 5.6% from negative 0.7% in the year-earlier period.

Total revenue grew on an annual basis to NT$768.9 million from NT$740.5 million, and total operating expenses climbed 18.1% on an annual basis to NT$824.8 million from NT$698.4 million.

Reported net income came to a loss of NT$68.9 million, or a loss of 20 cents per share, compared to a loss of NT$9.9 million, or a loss of 3 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.