Sung Gang Asset Management Corp.Ltd. said its first-quarter normalized net income amounted to a loss of 27 Taiwan cents per share, compared with a loss of 17 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$6.2 million, compared with a loss of NT$3.8 million in the prior-year period.

The normalized profit margin declined to negative 17.1% from negative 6.4% in the year-earlier period.

Total revenue declined 40.0% on an annual basis to NT$36.2 million from NT$60.3 million, and total operating expenses declined 29.6% year over year to NT$46.6 million from NT$66.2 million.

Reported net income came to a loss of NT$13.4 million, or a loss of 58 cents per share, compared to income of NT$18.9 million, or 82 cents per share, in the year-earlier period.

As of May 13, US$1 was equivalent to NT$32.68.