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China Communications Media swings to loss in Q1

China Communications Media Group Co. Ltd. said its normalized net income for the first quarter was a loss of NT$1.32 per share, compared with 42 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$49.2 million, compared with income of NT$15.9 million in the year-earlier period.

The normalized profit margin fell to negative 27.5% from 8.7% in the year-earlier period.

Total revenue fell year over year to NT$179.0 million from NT$182.8 million, and total operating expenses increased 69.2% on an annual basis to NT$271.6 million from NT$160.5 million.

Reported net income came to a loss of NT$26.4 million, or a loss of 71 cents per share, compared to income of NT$20.5 million, or 54 cents per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.