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Zig Sheng Industrial swings to loss in Q1

Zig Sheng Industrial Co. Ltd. said its normalized net income for the first quarter was a loss of 13 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 20 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$82.4 million, compared with income of NT$23.6 million in the year-earlier period.

The normalized profit margin dropped to negative 2.0% from 0.5% in the year-earlier period.

Total revenue declined 10.6% year over year to NT$4.03 billion from NT$4.50 billion, and total operating expenses declined 6.5% from the prior-year period to NT$4.15 billion from NT$4.44 billion.

Reported net income totaled a loss of NT$67.3 million, or a loss of 11 cents per share, compared to income of NT$79.6 million, or 13 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$30.62.