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Innolux swings to loss in Q1

Innolux Corp. said its first-quarter normalized net income was a loss of 47 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 63 cents per share.

The per-share result swung to a loss from the prior-year profit of 72 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$4.73 billion, compared with income of NT$7.31 billion in the prior-year period.

The normalized profit margin dropped to negative 8.4% from 7.3% in the year-earlier period.

Total revenue fell 43.7% on an annual basis to NT$56.42 billion from NT$100.16 billion, and total operating expenses fell 27.1% year over year to NT$64.82 billion from NT$88.94 billion.

Reported net income totaled a loss of NT$8.58 billion, or a loss of 86 cents per share, compared to income of NT$8.68 billion, or 86 cents per share, in the prior-year period.

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