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Tainet Communication System Q1 loss widens 41.3% YOY

Tainet Communication System Corp. said its normalized net income for the first quarter was a loss of 21 Taiwan cents per share, compared with a loss of 15 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$10.8 million, compared with a loss of NT$7.6 million in the year-earlier period.

The normalized profit margin fell to negative 46.2% from negative 30.9% in the year-earlier period.

Total revenue fell 5.7% on an annual basis to NT$23.3 million from NT$24.7 million, and total operating expenses increased on an annual basis to NT$40.8 million from NT$39.2 million.

Reported net income increased year over year to NT$107.3 million, or NT$2.13 per share, from NT$16.9 million, or 33 cents per share.

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