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O-TA Precision Industry swings to loss in Q1

O-TA Precision Industry Co. Ltd. said its first-quarter normalized net income came to a loss of 89 Taiwan cents per share, compared with 20 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$108.4 million, compared with income of NT$24.2 million in the year-earlier period.

The normalized profit margin fell to negative 10.8% from 2.1% in the year-earlier period.

Total revenue decreased 12.1% on an annual basis to NT$1.02 billion from NT$1.16 billion, and total operating expenses grew year over year to NT$1.17 billion from NT$1.13 billion.

Reported net income totaled a loss of NT$143.0 million, or a loss of NT$1.18 per share, compared to income of NT$38.1 million, or 31 cents per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.