Leofoo Development Co. Ltd. said its normalized net income for the first quarter was a loss of 1 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

The per-share loss decreased 71.1% year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$4.9 million, compared with a loss of NT$16.8 million in the prior-year period.

The normalized profit margin rose to negative 0.7% from negative 2.7% in the year-earlier period.

Total revenue grew 20.5% on an annual basis to NT$740.5 million from NT$614.5 million, and total operating expenses climbed 10.2% on an annual basis to NT$698.4 million from NT$633.8 million.

Reported net income came to a loss of NT$10.4 million, or a loss of 3 cents per share, compared to a loss of NT$26.5 million, or a loss of 8 cents per share, in the prior-year period.

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