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TPV Technology Q1 loss narrows YOY

TPV Technology Ltd. said its normalized net income for the first quarter amounted to a loss of $3.8 million, compared with a loss of $30.3 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

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

Total revenue fell 7.8% year over year to $2.26 billion from $2.45 billion, and total operating expenses decreased 9.3% on an annual basis to $2.26 billion from $2.49 billion.

Reported net income totaled a loss of $10.3 million, or a loss of 0 cents per share, compared to a loss of $55.8 million, or a loss of 2 cents per share, in the year-earlier period.