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K WAY Information swings to loss in Q1

K WAY Information Corp. said its first-quarter normalized net income amounted to a loss of 19 Taiwan cents per share, compared with 15 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$5.7 million, compared with income of NT$4.4 million in the year-earlier period.

The normalized profit margin declined to negative 12.7% from 6.3% in the year-earlier period.

Total revenue decreased 36.5% year over year to NT$44.5 million from NT$70.1 million, and total operating expenses declined 15.5% from the prior-year period to NT$53.3 million from NT$63.1 million.

Reported net income totaled a loss of NT$8.5 million, or a loss of 29 cents per share, compared to income of NT$9.7 million, or 33 cents per share, in the year-earlier period.

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