Kwang Ming Silk Mill Co. Ltd. said its normalized net income for the first quarter was 15 Taiwan cents per share, compared with a loss of 9 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$4.5 million, compared with a loss of NT$2.6 million in the year-earlier period.

The normalized profit margin increased to 5.5% from negative 2.7% in the year-earlier period.

Total revenue declined 16.2% on an annual basis to NT$81.9 million from NT$97.8 million, and total operating expenses fell 26.6% on an annual basis to NT$75.3 million from NT$102.7 million.

Reported net income came to NT$6.2 million, or 21 cents per share, compared to a loss of NT$2.4 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.