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Kaibo Enterprise swings to loss in Q1

Kaibo Enterprise Co. Ltd. said its normalized net income for the first quarter came to a loss of 4 Taiwan cents per share, compared with 1 cents 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$2.0 million, compared with income of NT$470,000 in the year-earlier period.

The normalized profit margin fell to negative 37.9% from 3.4% in the year-earlier period.

Total revenue decreased 61.9% year over year to NT$5.3 million from NT$13.9 million, and total operating expenses decreased 51.3% year over year to NT$8.8 million from NT$18.1 million.

Reported net income totaled a loss of NT$3.3 million, or a loss of 7 cents per share, compared to income of NT$929,280, or 2 cents per share, in the year-earlier period.

As of May 13, US$1 was equivalent to NT$32.68.