Huang Long Development Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 27 Taiwan cents per share, compared with a loss of 41 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$16.1 million, compared with a loss of NT$18.0 million in the prior-year period.

The normalized profit margin increased to negative 14.6% from negative 15.6% in the year-earlier period.

Total revenue decreased year over year to NT$109.9 million from NT$115.0 million, and total operating expenses decreased 5.2% year over year to NT$135.2 million from NT$142.6 million.

Reported net income came to a loss of NT$25.6 million, or a loss of 43 cents per share, compared to a loss of NT$24.3 million, or a loss of 55 cents per share, in the year-earlier period.

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