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Glotech Industrial Q1 loss widens 37.9% YOY

Glotech Industrial Corp. said its normalized net income for the first quarter amounted to a loss of 42 Taiwan cents per share, compared with a loss of 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$62.7 million, compared with a loss of NT$45.4 million in the year-earlier period.

The normalized profit margin dropped to negative 12.8% from negative 6.6% in the year-earlier period.

Total revenue fell 29.2% year over year to NT$490.0 million from NT$691.8 million, and total operating expenses declined 24.9% year over year to NT$589.8 million from NT$785.5 million.

Reported net income came to a loss of NT$101.9 million, or a loss of 69 cents per share, compared to a loss of NT$86.2 million, or a loss of 58 cents per share, in the prior-year period.

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