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Cosmo Electronics Q1 loss widens 63.2% YOY

Cosmo Electronics Corp. said its first-quarter normalized net income came to a loss of 15 Taiwan cents per share, compared with a loss of 10 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$23.4 million, compared with a loss of NT$14.3 million in the prior-year period.

The normalized profit margin dropped to negative 8.6% from negative 5.8% in the year-earlier period.

Total revenue increased 8.8% on an annual basis to NT$270.6 million from NT$248.6 million, and total operating expenses climbed 12.9% on an annual basis to NT$303.0 million from NT$268.3 million.

Reported net income came to a loss of NT$37.2 million, or a loss of 24 cents per share, compared to a loss of NT$29.3 million, or a loss of 20 cents per share, in the prior-year period.

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