Metaltech Industrial Co. Ltd. said its first-quarter normalized net income was a loss of 31 Taiwan cents per share, compared with a loss of 29 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$7.2 million, compared with a loss of NT$6.9 million in the year-earlier period.

The normalized profit margin fell to negative 70.8% from negative 30.2% in the year-earlier period.

Total revenue declined 55.3% year over year to NT$10.2 million from NT$22.9 million, and total operating expenses decreased 36.1% on an annual basis to NT$21.1 million from NT$33.0 million.

Reported net income came to a loss of NT$16.5 million, or a loss of 70 cents per share, compared to a loss of NT$11.3 million, or a loss of 48 cents per share, in the year-earlier period.

As of May 13, US$1 was equivalent to NT$32.68.