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Megaforce swings to loss in Q1

Megaforce Company Ltd. said its first-quarter normalized net income amounted to a loss of 29 Taiwan cents per share, compared with 13 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$37.4 million, compared with income of NT$17.5 million in the prior-year period.

The normalized profit margin declined to negative 3.4% from 1.3% in the year-earlier period.

Total revenue fell 15.7% on an annual basis to NT$1.10 billion from NT$1.30 billion, and total operating expenses fell 9.7% year over year to NT$1.16 billion from NT$1.28 billion.

Reported net income came to a loss of NT$63.8 million, or a loss of 49 cents per share, compared to income of NT$2.6 million, or 2 cents per share, in the year-earlier period.

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