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Bin Chuan Enterprise Q1 loss narrows YOY

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Bin Chuan Enterprise Q1 loss narrows YOY

Bin Chuan Enterprise Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 16 Taiwan cents per share, compared with a loss of 99 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$14.7 million, compared with a loss of NT$83.0 million in the year-earlier period.

The normalized profit margin increased to negative 3.0% from negative 15.0% in the year-earlier period.

Total revenue declined 10.3% year over year to NT$495.1 million from NT$551.8 million, and total operating expenses decreased 25.9% on an annual basis to NT$505.9 million from NT$683.0 million.

Reported net income totaled a loss of NT$19.9 million, or a loss of 21 cents per share, compared to a loss of NT$103.8 million, or a loss of NT$1.24 per share, in the prior-year period.

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