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Silitech Technology swings to loss in Q1

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Silitech Technology swings to loss in Q1

Silitech Technology Corp. said its normalized net income for the first quarter came to a loss of 29 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 25 cents per share.

The per-share result swung to a loss from the prior-year profit of 16 cents.

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 income of NT$29.5 million in the year-earlier period.

The normalized profit margin fell to negative 8.6% from 3.4% in the year-earlier period.

Total revenue decreased 30.3% on an annual basis to NT$605.5 million from NT$868.2 million, and total operating expenses decreased 12.4% on an annual basis to NT$726.1 million from NT$828.9 million.

Reported net income totaled a loss of NT$66.4 million, or a loss of 37 cents per share, compared to income of NT$30.3 million, or 16 cents per share, in the year-earlier period.

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