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United Fiber Optic Communication swings to loss in Q1

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United Fiber Optic Communication swings to loss in Q1

United Fiber Optic Communication Inc. said its normalized net income for the first quarter came to a loss of 5 Taiwan cents per share, compared with 4 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$4.1 million, compared with income of NT$3.3 million in the prior-year period.

The normalized profit margin declined to negative 1.5% from 1.0% in the year-earlier period.

Total revenue fell 15.6% on an annual basis to NT$272.4 million from NT$322.6 million, and total operating expenses decreased 11.6% from the prior-year period to NT$270.4 million from NT$305.9 million.

Reported net income came to a loss of NT$7.2 million, or a loss of 8 cents per share, compared to income of NT$4.5 million, or 5 cents per share, in the year-earlier period.

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