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Tainan Enterprise Q1 loss narrows YOY

Tainan Enterprise (Cayman) Co. Ltd. said its normalized net income for the first quarter amounted to a loss of NT$1.74 per share, compared with a loss of NT$3.67 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$52.1 million, compared with a loss of NT$109.9 million in the prior-year period.

The normalized profit margin increased to negative 12.7% from negative 20.5% in the year-earlier period.

Total revenue fell 23.6% on an annual basis to NT$408.9 million from NT$535.1 million, and total operating expenses decreased 27.6% from the prior-year period to NT$508.2 million from NT$702.2 million.

Reported net income totaled a loss of NT$84.0 million, or a loss of NT$2.80 per share, compared to a loss of NT$178.2 million, or a loss of NT$5.95 per share, in the prior-year period.

As of May 14, US$1 was equivalent to NT$30.54.