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RITEK Q1 loss narrows YOY

RITEK Corp. said its normalized net income for the first quarter amounted to a loss of 16 Taiwan cents per share, compared with a loss of 24 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$272.8 million, compared with a loss of NT$423.2 million in the prior-year period.

The normalized profit margin climbed to negative 10.0% from negative 14.5% in the year-earlier period.

Total revenue declined 6.2% on an annual basis to NT$2.74 billion from NT$2.92 billion, and total operating expenses decreased 11.4% from the prior-year period to NT$3.10 billion from NT$3.50 billion.

Reported net income totaled a loss of NT$477.2 million, or a loss of 27 cents per share, compared to a loss of NT$723.7 million, or a loss of 42 cents per share, in the year-earlier period.

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