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Hsin Sin Textile Q1 loss widens 9.6% YOY

Hsin Sin Textile Co. Ltd. said its first-quarter normalized net income came to a loss of 11 Taiwan cents per share, compared with a loss of 10 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$5.8 million, compared with a loss of NT$5.3 million in the prior-year period.

The normalized profit margin dropped to negative 3.3% from negative 2.5% in the year-earlier period.

Total revenue fell 17.7% year over year to NT$176.2 million from NT$214.1 million, and total operating expenses fell 16.8% from the prior-year period to NT$186.2 million from NT$223.9 million.

Reported net income came to a loss of NT$9.2 million, or a loss of 18 cents per share, compared to a loss of NT$5.6 million, or a loss of 11 cents per share, in the year-earlier period.

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