Tidehold Development Co. Ltd. said its first-quarter normalized net income amounted to a loss of 4 Taiwan cents per share, compared with a loss of 3 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 a loss of NT$3.5 million, compared with a loss of NT$3.4 million in the prior-year period.

The normalized profit margin climbed to negative 12.7% from negative 45.4% in the year-earlier period.

Total revenue climbed on an annual basis to NT$27.9 million from NT$7.6 million, and total operating expenses rose from the prior-year period to NT$35.2 million from NT$12.6 million.

Reported net income totaled a loss of NT$7.8 million, or a loss of 8 cents per share, compared to a loss of NT$7.8 million, or a loss of 8 cents per share, in the year-earlier period.

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