Universal InCorp. said its normalized net income for the first quarter was 16 Taiwan cents per share, a decline of 10.3% from 18 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$14.0 million, a decline of 10.6% from NT$15.7 million in the prior-year period.

The normalized profit margin fell to 5.0% from 5.4% in the year-earlier period.

Total revenue decreased year over year to NT$280.0 million from NT$293.0 million, and total operating expenses fell 8.0% on an annual basis to NT$255.9 million from NT$278.1 million.

Reported net income fell 14.6% on an annual basis to NT$18.1 million, or 21 cents per share, from NT$21.2 million, or 24 cents per share.

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