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Mutto Optronics Q1 loss narrows YOY

Mutto Optronics Corp. said its first-quarter normalized net income amounted to a loss of 14 Taiwan cents per share, compared with a loss of 70 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$7.9 million, compared with a loss of NT$52.8 million in the year-earlier period.

The normalized profit margin increased to negative 11.9% from negative 18.4% in the year-earlier period.

Total revenue fell 76.8% year over year to NT$66.5 million from NT$286.2 million, and total operating expenses declined 80.1% from the prior-year period to NT$77.8 million from NT$390.2 million.

Reported net income came to a loss of NT$9.2 million, or a loss of 16 cents per share, compared to a loss of NT$308.9 million, or a loss of NT$4.11 per share, in the year-earlier period.

As of May 15, US$1 was equivalent to NT$30.44.