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Single Well Industrial swings to loss in Q1

Single Well Industrial Corp. said its normalized net income for the first quarter amounted to a loss of 13 Taiwan cents per share, compared with NT$1.75 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$8.2 million, compared with income of NT$111.6 million in the prior-year period.

The normalized profit margin dropped to negative 2.8% from 19.7% in the year-earlier period.

Total revenue decreased 48.5% on an annual basis to NT$291.1 million from NT$565.5 million, and total operating expenses fell 22.2% from the prior-year period to NT$297.1 million from NT$381.8 million.

Reported net income declined 21.8% from the prior-year period to NT$95.1 million, or NT$1.52 per share, from NT$121.6 million, or NT$1.90 per share.

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