King Chou Marine Technology Co. Ltd. said its first-quarter normalized net income amounted to 38 Taiwan cents per share, a decrease of 47.7% from 72 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$31.8 million, a decline of 48.0% from NT$61.1 million in the prior-year period.

The normalized profit margin dropped to 5.7% from 9.1% in the year-earlier period.

Total revenue fell 17.0% year over year to NT$556.0 million from NT$670.3 million, and total operating expenses declined 15.0% on an annual basis to NT$485.5 million from NT$571.5 million.

Reported net income fell 28.1% year over year to NT$70.8 million, or 84 cents per share, from NT$98.4 million, or NT$1.17 per share.

As of May 12, US$1 was equivalent to NT$32.56.