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Taiwan Mask swings to loss in Q1

Taiwan Mask Corp. said its first-quarter normalized net income amounted to a loss of 9 Taiwan cents per share, compared with 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$21.1 million, compared with income of NT$7.3 million in the year-earlier period.

The normalized profit margin declined to negative 7.1% from 1.7% in the year-earlier period.

Total revenue fell 29.4% year over year to NT$297.8 million from NT$421.8 million, and total operating expenses declined 19.1% on an annual basis to NT$336.4 million from NT$416.0 million.

Reported net income came to a loss of NT$48.5 million, or a loss of 21 cents per share, compared to income of NT$4.9 million, or 2 cents per share, in the prior-year period.

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