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Chander Electronics swings to loss in Q1

Chander Electronics Corp. said its normalized net income for the first quarter amounted to a loss of 2 Taiwan cents per share, compared with 4 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$474,380, compared with income of NT$1.3 million in the prior-year period.

The normalized profit margin declined to negative 0.2% from 0.3% in the year-earlier period.

Total revenue fell 21.8% on an annual basis to NT$314.6 million from NT$402.3 million, and total operating expenses fell 22.1% from the prior-year period to NT$310.4 million from NT$398.4 million.

Reported net income came to a loss of NT$1.4 million, or a loss of 5 cents per share, compared to income of NT$2.1 million, or 7 cents per share, in the prior-year period.

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