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Solytech Enterprise Q1 loss widens YOY

Solytech Enterprise Corp. said its normalized net income for the first quarter came to a loss of 38 Taiwan cents per share, compared with a loss of 36 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$55.0 million, compared with a loss of NT$53.0 million in the prior-year period.

The normalized profit margin fell to negative 19.3% from negative 10.2% in the year-earlier period.

Total revenue fell 45.3% year over year to NT$285.3 million from NT$521.5 million, and total operating expenses decreased 40.0% from the prior-year period to NT$364.4 million from NT$607.8 million.

Reported net income came to a loss of NT$88.7 million, or a loss of 61 cents per share, compared to a loss of NT$84.4 million, or a loss of 58 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to NT$32.56.