Federal Corp. said its first-quarter normalized net income amounted to 19 Taiwan cents per share, an increase of 19.4% from 16 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$86.1 million, a gain of 19.6% from NT$72.0 million in the year-earlier period.

The normalized profit margin increased to 5.3% from 3.6% in the year-earlier period.

Total revenue declined 18.2% year over year to NT$1.62 billion from NT$1.98 billion, and total operating expenses declined 21.1% year over year to NT$1.46 billion from NT$1.85 billion.

Reported net income rose 19.3% on an annual basis to NT$113.1 million, or 24 cents per share, from NT$94.8 million, or 21 cents per share.

As of May 9, US$1 was equivalent to NT$32.54.