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Taiwan Green Environment Technology Inc. said its normalized net income for the first quarter came to a loss of 17 Taiwan cents per share, compared with a loss of 16 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$2.9 million, compared with a loss of NT$2.8 million in the year-earlier period.

Total revenue declined 59.8% on an annual basis to NT$294,000 from NT$731,000, and total operating expenses rose on an annual basis to NT$5.0 million from NT$4.9 million.

Reported net income totaled a loss of NT$4.7 million, or a loss of 27 cents per share, compared to income of NT$3.1 million, or 18 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.