Gish International Co. Ltd said its normalized net income for the first quarter amounted to a loss of 3 Taiwan cents per share, compared with a loss of 3 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 a loss of NT$1.0 million, compared with a loss of NT$751,380 in the year-earlier period.

The normalized profit margin declined to negative 1.0% from negative 0.6% in the year-earlier period.

Total revenue declined 10.7% year over year to NT$103.5 million from NT$115.9 million, and total operating expenses declined 8.6% from the prior-year period to NT$106.0 million from NT$115.9 million.

Reported net income totaled a loss of NT$1.4 million, or a loss of 5 cents per share, compared to income of NT$240,000, or 1 cents per share, in the year-earlier period.

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