Kwong Lung Enterprise Co. Ltd. said its first-quarter normalized net income was a loss of 38 Taiwan cents per share, compared with a loss of 8 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 a loss of NT$39.4 million, compared with a loss of NT$7.3 million in the prior-year period.

The normalized profit margin dropped to negative 2.6% from negative 0.4% in the year-earlier period.

Total revenue declined 15.0% year over year to NT$1.54 billion from NT$1.82 billion, and total operating expenses fell 11.6% from the prior-year period to NT$1.60 billion from NT$1.81 billion.

Reported net income came to a loss of NT$24.1 million, or a loss of 23 cents per share, compared to a loss of NT$18.8 million, or a loss of 21 cents per share, in the year-earlier period.

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