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Netronix swings to loss in Q1

Netronix Inc. said its normalized net income for the first quarter was a loss of 58 Taiwan cents per share, compared with 70 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$48.0 million, compared with income of NT$58.7 million in the prior-year period.

The normalized profit margin fell to negative 4.7% from 5.4% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to NT$1.02 billion from NT$1.08 billion, and total operating expenses grew 5.3% from the prior-year period to NT$964.3 million from NT$915.5 million.

Reported net income came to a loss of NT$75.6 million, or a loss of 91 cents per share, compared to income of NT$82.7 million, or 98 cents per share, in the year-earlier period.

As of April 29, US$1 was equivalent to NT$32.23.