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Xintec swings to loss in Q1

Xintec Inc. said its first-quarter normalized net income was a loss of 30 Taiwan cents per share, compared with 44 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$80.1 million, compared with income of NT$106.5 million in the year-earlier period.

The normalized profit margin dropped to negative 7.6% from 7.7% in the year-earlier period.

Total revenue decreased 23.8% year over year to NT$1.05 billion from NT$1.38 billion, and total operating expenses fell year over year to NT$1.18 billion from NT$1.20 billion.

Reported net income totaled a loss of NT$62.0 million, or a loss of 23 cents per share, compared to income of NT$129.1 million, or 53 cents per share, in the year-earlier period.

As of May 10, US$1 was equivalent to NT$32.55.