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Star Travel swings to loss in Q1

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Star Travel swings to loss in Q1

Star Travel Corp. said its first-quarter normalized net income was a loss of 6 Taiwan cents per share, compared with 35 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$2.0 million, compared with income of NT$12.8 million in the year-earlier period.

The normalized profit margin declined to negative 0.3% from 1.6% in the year-earlier period.

Total revenue fell 19.6% on an annual basis to NT$657.1 million from NT$817.3 million, and total operating expenses decreased 17.0% year over year to NT$662.8 million from NT$798.8 million.

Reported net income totaled a loss of NT$4.0 million, or a loss of 11 cents per share, compared to income of NT$20.7 million, or 57 cents per share, in the year-earlier period.

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