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Lung Hwa Electronics swings to loss in Q3

Lung Hwa Electronics Co. Ltd. said its third-quarter normalized net income came to a loss of 36 Taiwan cents per share, compared with 31 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$10.9 million, compared with income of NT$9.2 million in the prior-year period.

Total revenue declined 90.3% year over year to NT$53,000 from NT$547,000, and total operating expenses decreased 5.0% year over year to NT$6.2 million from NT$6.5 million.

Reported net income came to a loss of NT$17.5 million, or a loss of 58 cents per share, compared to income of NT$14.7 million, or 49 cents per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to NT$31.93.