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Cheng Uei Precision Industry Q1 loss widens YOY

Cheng Uei Precision Industry Co. Ltd. said its first-quarter normalized net income was a loss of 44 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

The per-share loss grew year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$227.6 million, compared with a loss of NT$42.5 million in the prior-year period.

The normalized profit margin declined to negative 1.2% from negative 0.2% in the year-earlier period.

Total revenue declined 14.8% year over year to NT$18.36 billion from NT$21.54 billion, and total operating expenses declined 12.1% on an annual basis to NT$18.98 billion from NT$21.58 billion.

Reported net income fell 91.2% year over year to NT$20.6 million, or 4 cents per share, from NT$232.8 million, or 45 cents per share.

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