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Aeon Motor swings to loss in Q1

Aeon Motor Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 2 Taiwan cents per share, compared with 19 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$1.3 million, compared with income of NT$12.0 million in the prior-year period.

The normalized profit margin dropped to negative 0.3% from 2.4% in the year-earlier period.

Total revenue fell 20.8% on an annual basis to NT$392.7 million from NT$495.9 million, and total operating expenses fell 17.7% from the prior-year period to NT$398.7 million from NT$484.6 million.

Reported net income came to a loss of NT$2.7 million, or a loss of 5 cents per share, compared to a loss of NT$8.5 million, or a loss of 14 cents per share, in the year-earlier period.

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