Ideal Bike Corp. said its first-quarter normalized net income was 14 Taiwan cents per share, a decrease of 5.9% from 15 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$22.8 million, a decline of 7.5% from NT$24.7 million in the year-earlier period.

The normalized profit margin increased to 1.9% from 1.7% in the year-earlier period.

Total revenue fell 20.8% on an annual basis to NT$1.18 billion from NT$1.49 billion, and total operating expenses fell 20.4% on an annual basis to NT$1.12 billion from NT$1.41 billion.

Reported net income declined 15.9% from the prior-year period to NT$30.9 million, or 19 cents per share, from NT$36.8 million, or 22 cents per share.

As of May 12, US$1 was equivalent to NT$32.56.