Shui-Mu International Co. Ltd. said its normalized net income for the third quarter amounted to 20 Taiwan cents per share, a decrease of 35.4% from 31 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$13.4 million, a decrease of 30.2% from NT$19.2 million in the year-earlier period.

The normalized profit margin fell to 2.6% from 3.0% in the year-earlier period.

Total revenue decreased 18.9% year over year to NT$516.1 million from NT$635.9 million, and total operating expenses declined 17.1% on an annual basis to NT$506.2 million from NT$610.4 million.

Reported net income decreased 51.2% on an annual basis to NT$12.7 million, or 19 cents per share, from NT$26.0 million, or 42 cents per share.

As of Nov. 12, US$1 was equivalent to NT$32.73.