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Coxon Precise Industrial swings to loss in Q1

Coxon Precise Industrial Co. Ltd. said its first-quarter normalized net income was a loss of 93 Taiwan cents per share, compared with NT$1.45 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$116.3 million, compared with income of NT$182.1 million in the year-earlier period.

The normalized profit margin dropped to negative 9.5% from 7.2% in the year-earlier period.

Total revenue decreased 51.8% on an annual basis to NT$1.23 billion from NT$2.54 billion, and total operating expenses fell 40.1% on an annual basis to NT$1.33 billion from NT$2.22 billion.

Reported net income came to a loss of NT$149.6 million, or a loss of NT$1.20 per share, compared to income of NT$222.9 million, or NT$1.77 per share, in the year-earlier period.

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