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Li Peng Enterprise swings to loss in Q1

Li Peng Enterprise Co. Ltd. said its first-quarter normalized net income was a loss of 9 Taiwan cents per share, compared with 19 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$82.1 million, compared with income of NT$165.9 million in the prior-year period.

The normalized profit margin fell to negative 1.8% from 2.8% in the year-earlier period.

Total revenue decreased 22.8% on an annual basis to NT$4.61 billion from NT$5.98 billion, and total operating expenses declined 18.9% on an annual basis to NT$4.70 billion from NT$5.79 billion.

Reported net income totaled a loss of NT$114.3 million, or a loss of 13 cents per share, compared to income of NT$224.0 million, or 26 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$30.62.