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Team Young Advanced Technology swings to loss in Q1

Team Young Advanced Technology Co. Ltd. said its normalized net income for the first quarter came to a loss of 73 Taiwan cents per share, compared with 5 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$36.3 million, compared with income of NT$2.7 million in the prior-year period.

The normalized profit margin declined to negative 112.6% from 7.8% in the year-earlier period.

Total revenue fell 6.7% on an annual basis to NT$32.2 million from NT$34.5 million, and total operating expenses increased 16.6% from the prior-year period to NT$40.0 million from NT$34.3 million.

Reported net income totaled a loss of NT$45.7 million, or a loss of 91 cents per share, compared to income of NT$5.0 million, or 10 cents per share, in the year-earlier period.

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