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Kwan's International Q1 loss narrows YOY

Kwan's International Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 3 Taiwan cents per share, compared with a loss of 48 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$2.4 million, compared with a loss of NT$29.0 million in the year-earlier period.

The normalized profit margin climbed to negative 2.5% from negative 18.2% in the year-earlier period.

Total revenue decreased 41.6% year over year to NT$93.0 million from NT$159.4 million, and total operating expenses decreased 53.6% from the prior-year period to NT$93.7 million from NT$202.2 million.

Reported net income came to a loss of NT$6.9 million, or a loss of 10 cents per share, compared to a loss of NT$43.7 million, or a loss of 73 cents per share, in the prior-year period.

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