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Fortune Oriental Q1 loss narrows YOY

Fortune Oriental Co. Ltd. said its first-quarter normalized net income amounted to a loss of 6 Taiwan cents per share, compared with a loss of 8 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$4.3 million, compared with a loss of NT$4.8 million in the prior-year period.

The normalized profit margin fell to negative 5.3% from negative 5.1% in the year-earlier period.

Total revenue declined 14.3% year over year to NT$80.6 million from NT$94.1 million, and total operating expenses declined 12.2% from the prior-year period to NT$99.5 million from NT$113.2 million.

Reported net income totaled a loss of NT$10.4 million, or a loss of 15 cents per share, compared to a loss of NT$12.1 million, or a loss of 19 cents per share, in the prior-year period.

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