I-HWA Industrial Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 15 Taiwan cents per share, compared with a loss of 26 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$13.9 million, compared with a loss of NT$22.5 million in the prior-year period.

The normalized profit margin fell to negative 10.0% from negative 9.1% in the year-earlier period.

Total revenue fell 44.1% year over year to NT$138.0 million from NT$247.0 million, and total operating expenses fell 45.0% from the prior-year period to NT$144.4 million from NT$262.8 million.

Reported net income totaled a loss of NT$22.2 million, or a loss of 24 cents per share, compared to a loss of NT$34.0 million, or a loss of 39 cents per share, in the year-earlier period.

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