Maxigen Biotech Inc. said its normalized net income for the first quarter came to a loss of 11 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$7.8 million, compared with income of NT$1.5 million in the prior-year period.

The normalized profit margin declined to negative 13.9% from 2.4% in the year-earlier period.

Total revenue fell 8.7% on an annual basis to NT$55.7 million from NT$61.1 million, and total operating expenses rose 12.5% year over year to NT$68.3 million from NT$60.7 million.

Reported net income totaled a loss of NT$12.7 million, or a loss of 18 cents per share, compared to income of NT$2.1 million, or 3 cents per share, in the prior-year period.

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