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Genesis Photonics Q1 loss widens YOY

Genesis Photonics Inc. said its normalized net income for the first quarter amounted to a loss of 86 Taiwan cents per share, compared with a loss of 36 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$263.2 million, compared with a loss of NT$120.7 million in the prior-year period.

The normalized profit margin fell to negative 75.0% from negative 15.4% in the year-earlier period.

Total revenue decreased 55.2% on an annual basis to NT$351.1 million from NT$784.4 million, and total operating expenses decreased 21.7% year over year to NT$767.1 million from NT$979.5 million.

Reported net income totaled a loss of NT$368.0 million, or a loss of NT$1.20 per share, compared to a loss of NT$197.7 million, or a loss of 59 cents per share, in the year-earlier period.

As of May 12, US$1 was equivalent to NT$32.56.