Fwusow Industry Co. Ltd. said its first-quarter normalized net income amounted to 6 Taiwan cents per share, a decline of 38.7% from 10 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$19.7 million, a decrease of 38.7% from NT$32.2 million in the year-earlier period.

The normalized profit margin dropped to 0.8% from 1.3% in the year-earlier period.

Total revenue decreased 5.5% on an annual basis to NT$2.33 billion from NT$2.46 billion, and total operating expenses fell from the prior-year period to NT$2.30 billion from NT$2.42 billion.

Reported net income decreased 48.6% on an annual basis to NT$22.5 million, or 7 cents per share, from NT$43.8 million, or 14 cents per share.

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