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Mutto Optronics swings to profit in Q2

Mutto Optronics Corp. said its normalized net income for the second quarter came to 16 Taiwan cents per share, compared with a loss of 13 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 NT$7.6 million, compared with a loss of NT$7.3 million in the year-earlier period.

The normalized profit margin climbed to 6.1% from negative 9.5% in the year-earlier period.

Total revenue climbed 62.8% year over year to NT$124.6 million from NT$76.6 million, and total operating expenses increased 63.8% year over year to NT$143.8 million from NT$87.8 million.

Reported net income totaled NT$7.7 million, or 16 cents per share, compared to a loss of NT$14.8 million, or a loss of 28 cents per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to NT$31.33.