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Reward Wool Industry Q1 loss narrows YOY

Reward Wool Industry Corp. said its first-quarter normalized net income came to a loss of 7 Taiwan cents per share, compared with a loss of 11 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$12.2 million, compared with a loss of NT$19.4 million in the year-earlier period.

The normalized profit margin rose to negative 7.8% from negative 12.7% in the year-earlier period.

Total revenue rose on an annual basis to NT$156.1 million from NT$153.1 million, and total operating expenses declined 5.5% on an annual basis to NT$172.9 million from NT$183.0 million.

Reported net income totaled a loss of NT$18.4 million, or a loss of 11 cents per share, compared to a loss of NT$41.5 million, or a loss of 24 cents per share, in the prior-year period.

As of May 14, US$1 was equivalent to NT$30.54.