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Prime Electronics & Satellitics Q1 loss narrows YOY

Prime Electronics & Satellitics Inc. said its normalized net income for the first quarter came to a loss of 20 Taiwan cents per share, compared with a loss of 52 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$33.7 million, compared with a loss of NT$87.9 million in the prior-year period.

The normalized profit margin increased to negative 1.7% from negative 5.6% in the year-earlier period.

Total revenue grew 26.7% year over year to NT$1.98 billion from NT$1.56 billion, and total operating expenses grew 18.8% from the prior-year period to NT$2.02 billion from NT$1.70 billion.

Reported net income came to a loss of NT$54.2 million, or a loss of 33 cents per share, compared to a loss of NT$117.0 million, or a loss of 69 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.