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Tittot swings to loss in Q1

Tittot Company Ltd said its normalized net income for the first quarter was a loss of 16 Taiwan cents per share, compared with 9 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$7.3 million, compared with income of NT$4.3 million in the prior-year period.

The normalized profit margin fell to negative 6.7% from 3.1% in the year-earlier period.

Total revenue declined 20.6% on an annual basis to NT$109.8 million from NT$138.2 million, and total operating expenses declined 8.6% on an annual basis to NT$121.3 million from NT$132.7 million.

Reported net income totaled a loss of NT$11.7 million, or a loss of 25 cents per share, compared to income of NT$4.7 million, or 10 cents per share, in the year-earlier period.

As of May 15, US$1 was equivalent to NT$30.44.