Sun Race Sturmey-Archer Inc. said its normalized net income for the first quarter amounted to 9 Taiwan cents per share, a decrease of 51.7% from 18 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$4.3 million, a decline of 51.7% from NT$8.9 million in the prior-year period.

The normalized profit margin dropped to 2.2% from 5.2% in the year-earlier period.

Total revenue grew 15.4% year over year to NT$199.3 million from NT$172.7 million, and total operating expenses increased 12.5% from the prior-year period to NT$181.1 million from NT$161.0 million.

Reported net income decreased 64.0% year over year to NT$4.5 million, or 9 cents per share, from NT$12.5 million, or 25 cents per share.

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