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Hi Sharp Electronics swings to profit in Q1

Hi Sharp Electronics Co. Ltd. said its first-quarter normalized net income amounted to NT$29,000, compared with a loss of NT$6.3 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.0% from negative 4.0% in the year-earlier period.

Total revenue increased 19.2% on an annual basis to NT$188.4 million from NT$158.1 million, and total operating expenses rose 13.1% from the prior-year period to NT$186.0 million from NT$164.5 million.

Reported net income came to NT$420,000, or 1 cents per share, compared to a loss of NT$9.2 million, or a loss of 22 cents per share, in the prior-year period.

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